Cap. 364 ст. 25Duty on policy of life insurance.

Notwithstanding the provisions of any other article in this

Act, including articles 4 and 6, there shall be charged on any policy of life insurance which is not renewable every year, wherever such policy is executed or used, a duty of ten cents for every one hundred euro or part thereof of the sum assured:

Provided that duty under this article shall only be chargeable on policies where the policyholder is resident in Malta, or in the case where the policy holder is a legal person, where such policy holder is incorporated or otherwise created in Malta:

*Article 68(1) of the Act as originally enacted. Provided further that persons referred to in article 47(3) shall in no case be deemed to constitute persons referred to in the first proviso of this article: Provided further that no duty shall be charged where:

(i) the policy holder is a legal person which is incorporated or otherwise created in Malta, and

(ii) the said legal person holds the policy in the capacity of a trustee or other fiduciary, and

(iii) the life assured and persons who can benefit under the policy are all not resident in Malta, and

(iv) such trust or other fiduciary arrangement is exempt under the provisions of article 12(1)(d) of the Income Tax Act.

For the purpose of this article, the term ‘sum assured’ shall refer to the fixed guaranteed amount payable by the insurer under the policy on the death of the life assured:

Provided that where the sum assured of a linked, long term policy of insurance is a variable figure up to a maximum amount and by reference to a percentage of the value of underlying assets linked to such policy, the duty chargeable shall be calculated on the maximum possible amount payable on maturity or surrender of such policy but after first deducting the amount to be invested by the policyholder through the payment of premium at the time of issuance of the policy.