(1) This Chapter does not apply to an excepted group life policy.
(2) In this Chapter “group life policy” means a policy of life insurance whose terms provide—
(a) for the payment of benefits on the death of more than one individual, and
(b) for those benefits to be paid on the death of each of those individuals.
(3) In this section “excepted group life policy” means a group life policy with respect to which the conditions specified in the following sections are met—
(a) section 481 (conditions about benefits), and
(b) section 482 (conditions about persons intended to benefit).
This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
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