Section 468: Non-UK resident trustees and foreign institutions
1877.This section sets out in what circumstances a gain treated as arising under this Chapter is taken into account under section 740 of ICTA (liability of non-transferors). It is based on section 547 of ICTA.
1878.It applies when the rights under the policy or contract are held by, or held as security for a debt owed by:
non-UK resident trustees; or
a “foreign institution”.
1879.As regards trustees, the same four circumstances (conditions A to D) of section 467 apply, with the substitution of non-UK resident trustees for UK resident trustees, to determine whether this section applies. But the section makes no other distinction between cases where rights are held on charitable trusts or non-charitable trusts.
1880.A gain taken into account for the purposes of section 740 of ICTA, as modified by this section, is not charged under this Chapter.
1881.Subsection (6)qualifies the meaning of “rights”, where there has been an assignment or surrender of a part of or share in the rights, in the same way as does section 464 (see the commentary on that section).
