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Life assurance premium relief is abolished in respect of all policies with effect from, broadly, 6 April 2015 (see E1.1300).

An industrial assurance policy is a policy issued in the course of an industrial assurance business as was defined in the Industrial Assurance Act 1923 s 1(2). On 1 December 2001, industrial assurance business and ordinary life insurance business ceased to be treated as different categories of business¹ and the Industrial Assurance Acts were repealed². The separate identity of existing industrial assurance business is, however, retained for certain limited tax purposes, continuity being achieved by referring to it as business which was industrial assurance business before the appointed day³. Some of the rules peculiar to this class of business will continue to be applied to certain business written after the appointed day, and variations in the terms of an industrial business policy as a result of a change in the way the insurer carries on the business may be disregarded (see below).

Even if it does not otherwise qualify⁴