For 2004/05 and earlier years, the only investments that could be made in an insurance component of an ISA were qualifying insurance policies and cash deposited for the purpose of investment in such policies1.
For 2005/06 onwards, the insurance component is abolished, but the conditions that determined whether a policy was a qualifying policy continue to apply to determine whether or not a policy is a qualifying investment for a stocks and shares component (see head (12) in E3.315) or, prior to 1 July 2014, a cash component (see heads (m) and (n) in E3.316)2. For these purposes, a 'policy' includes rights under a linked long-term contract specified as a stakeholder product by the Financial Services and Markets Act 2000 (Stakeholder Products) Regulations, SI 2004/2738, reg 33.
A policy qualifies if it is on the life of the investor only and its terms provide that4:
- Ìý
(a)ÌýÌýÌýÌý the policy may only be owned or held as a qualifying investment for a valid ISA account
- Ìý
(b)ÌýÌýÌýÌý as regards policies
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Web page updated on 17 Mar 2025 13:36