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(1)For paragraph 10(1) of Schedule 7 to the [1965 c. 25.] Finance Act 1965 (policies of insurance) there shall be substituted—
“(1)The rights of the insurer under any policy of insurance shall hot constitute an asset on the disposal of which a gain may accrue, whether the risks insured relate to property or not; and the rights of the insured under any policy of insurance of the risk of any kind of damage to, or the loss or depreciation of, assets shall constitute an asset on the disposal of which a gain may accrue only to the extent that those rights relate to assets on the disposal of which a gain may accrue or might have accrued.”
(2)Subsection (1) above shall be deemed to have come into force on 20th December 1974 but shall not apply in the case of a disposal made before that date.
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