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Income and Corporation Taxes Act 1988

Changes over time for: Section 271

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271 Deemed surrender in cases of certain loans.U.K.

M1(1)Where—

(a)under section 547 a gain arising in connection with a policy F1. . . would be treated as forming part of an individual’s total income; and

(b)the policy was issued in respect of an insurance made after 26th March 1974 F2. . .; and

(c)any sum is at any time after the making of the insurance F1. . . lent to or at the direction of that individual by or by arrangement with the body issuing the policy F3. . .;

then, subject to subsection (2) below, the same results shall follow under sections 268 to 270 as if at the time the sum was lent there had been a surrender of part of the rights conferred by the policy F1. . . and the sum had been paid as consideration for the surrender (and if the policy is a qualifying policy, whether or not the premiums under it are eligible for relief under section 266, those results shall follow under section 269, whether or not a gain would be treated as arising on the surrender).

(2)Subsection (1) above does not apply—

(a)in relation to a policy if—

(i)it is a qualifying policy; and

(ii)either interest at a commercial rate is payable on the sum lent or the sum is lent to a full-time employee of the body issuing the policy for the purpose of assisting him in the purchase or improvement of a dwelling used or to be used as his only or main residence; F4. . .

F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4S. 271(2)(b) and preceding word repealed (retrospectively) by Finance Act 1994 (c. 9), Sch. 17 para. 2(2), Sch. 26 Pt. 5(22)

Marginal Citations

M1Source-1975 Sch.2 16(1), (3); 1976 s.35

Yn ôl i’r brig

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