Stamp Duties Consolidation Act 1999 section 60

Short-term life insurance policies

Section 60 dealt with how short-term life insurance policies were treated for stamp duty purposes, setting out when such a policy was regarded as exceeding two years and how a later variation to the policy affected the duty charged. It as repealed by Finance Act 2001 section 203.

• A life insurance policy was treated as made for a period exceeding two years if it contained any provision allowing it to become available for more than two years in all.
• Where a policy originally made for a period not exceeding two years was varied so that it became, or could become, available for more than two years in all, it became chargeable with the duty applicable to a policy exceeding two years.
• The duty on the varied policy was calculated as if the policy had been made on the date of the variation for a period exceeding two years.
• The varied policy could be stamped on this basis without penalty at any time within 30 days after the date of the variation.