Special provision is made for the case of contracts of life insurance entered into and settled before 22 March 2006, where premiums are paid after 21 March 2006 and the rights which accrue under the contract are referable to those post-21 March 2006 premiums1. These provisions mean that where a life policy has been settled on an interest in possession trust before 22 March 2006 but premiums continue to be paid on that policy the whole of the value of the policy itself still qualifies for transitional protection as an asset of a trust in existence before 22 March 2006.
This transitional treatment will continue to apply as long as the original terms of the policy continue. Also, where someone succeeds to
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