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Income and Corporation Taxes Act 1988, Section 546B is up to date with all changes known to be in force on or before 09 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 11/05/2001
(1)This section applies in relation to a policy or contract in any case where—
(a)a section 546 excess occurs at the end of any year (including the final year, whether or not ending with a terminal chargeable event); and
(b)the condition in subsection (2) below is satisfied in relation to that year.
(2)The condition is that—
(a)during the year there has been an assignment for money or money’s worth of part of or a share in the rights conferred by the policy or contract; or
(b)during the year there has been both—
(i)an assignment, otherwise than for money or money’s worth, of the whole or part of or a share in the rights conferred by the policy or contract; and
(ii)an earlier surrender of part of or a share in the rights conferred by the policy or contract.
(3)Where this section applies—
(a)the occurrence of the section 546 excess shall be treated for the purposes of this Chapter as not being a chargeable event; but
(b)the amount of the section 546 excess shall be charged to tax in accordance with the provisions of section 546C.
(4)In this section—
“final year” has the meaning given by section 546(4);
“section 546 excess”, in relation to any year, means an excess, occurring at the end of the year, of—
the reckonable aggregate value mentioned in subsection (2) of section 546, over
the allowable aggregate amount mentoned in subsection (3) of that section;
“terminal chargeable event” means any chargeable event other than—
(a)an assignment for money or money’s worth of the whole of the rights conferred by the policy or contract;
(b)the occurrence of a section 546 excess; or
(c)a chargeable event by virtue of section 546C(7)(a);
“year” has the meaning given by section 546(4).]
Textual Amendments
F1Ss. 546B-546D inserted (with effect in accordance with s. 83(2) of the amending Act) by Finance Act 2001 (c. 9), Sch. 28 para. 10
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