Modifications etc. (not altering text)
C1Pt. 13 Ch. 2 restricted (with effect in accordance with s. 105(1) of the affecting Act) by Finance Act 1996 (c. 8), Sch. 13 para. 3(2) (with Sch. 13 para. 16)
(1)M1Subject to subsections (2) to (5) below, where a chargeable event within the meaning of this Chapter has happened in relation to any policy or contract, the body by or with whom the policy or contract was issued, entered into or effected shall, within three months of the event or, if it is a death or an assignment, within three months of their receiving written notification thereof, deliver to the inspector a certificate specifying—
(a)the name and address of the policy holder;
(b)the nature of the event, and the date on which it happened;
(c)as may be required for computing the gain to be treated as arising by virtue of this Chapter—
(i)the surrender value of the policy, or the sum payable, or other benefits to be conferred, by the body in question by reason of the event;
(ii)the amount or value of any relevant capital payments;
(iii)the amounts previously paid under the policy or contract by way of premiums, or otherwise by way of consideration for an annuity; and
(iv)the capital element in any payment previously made on account of an annuity;
(d)the number of years relevant for computing the appropriate fraction of the gain for the purposes of section 550(3).
(2)Subsection (1) above shall not apply where—
(a)the body in question are satisfied that no gain is to be treated as arising by reason of the event, or
(b)the amount of the surrender value or sum, or the value of the other benefits, referred to in paragraph (c)(i) of that subsection, together with the amount or value of any payments within paragraph (c)(ii) of that subsection, does not exceed £500, [F1or
(c)the event is a chargeable event only because of section 540(5A).]
but the inspector may by notice require a like certificate in any such case, and it shall be the duty of the body to deliver the certificate within 30 days of receipt of the notice.
[F2(2A)Where the obligations under any policy or contract of the body that issued, entered into or effected it (“the original insurer”) are at any time the obligations of another body (“the transferee”) to whom there has been a transfer of the whole or any part of a business previously carried on by the original insurer, this section shall have effect in relation to that time, except where the chargeable event—
(a)happened before the transfer, and
(b)in the case of a death or assignment, is an event of which the notification mentioned in subsection (1) above was given before the transfer,
as if the policy or contract had been issued, entered into or effected by the transferee.]
(3)M2Where the chargeable event is an assignment of all the rights conferred by the policy or contract the certificate shall also specify any such excess as is mentioned in section 540(1)(a)(v), 542(1) or 545(1)(d) which has occurred since the relevant date, the date on which it occurred and the value of the part of or share in the rights which have been surrendered or assigned since the relevant date.
(4)Where the chargeable event is the occurrence of such an excess as is mentioned in section 540(1)(a)(v), 542(1) or 545(1)(d), subsections (1) and (2) above shall apply with the omission of paragraph (b) of subsection (2) and the certificate shall also specify the value of the part of or share in the rights surrendered or assigned in any year since the relevant date and the amounts paid by way of premiums in any year since the relevant date.
[F3(4A)The Board may by regulations—
(a)make provision as to the form which is to be taken by certificates under this section (including provision enabling such a certificate to be delivered otherwise than in the form of a document); and
(b)make such provision as they think fit for securing that they are able to ascertain whether there has been or is likely to be any contravention of the requirements of this section and to verify any such certificate.
(4B)Regulations by virtue of subsection (4A)(b) above may include, in particular, provision requiring persons to whom premiums under any policy are or have at any time been payable to supply information to the Board and to make available books, documents and other records for inspection on behalf of the Board.
(4C)Regulations under subsection (4A) above may—
(a)make different provision for different cases; and
(b)contain such supplementary, incidental, consequential and transitional provision as appears to the Board to be appropriate.]
(5)In subsections (3) and (4) above—
“year” has the same meaning as in section 546(4); and
“the relevant date”, in relation to any certificate, means the date of the chargeable event in respect of which the last certificate under this section was delivered or, if none was delivered, the commencement of the policy or contract.
Textual Amendments
F1S. 552(c) and word inserted (with effect in accordance with Sch. 9 para. 8 of the amending Act) by Finance Act 1989 (c. 26), Sch. 9 para. 7
F2S. 552(2A) inserted (with effect in accordance with s. 57(1) of the amending Act) by Finance Act 1995 (c. 4), s. 57(1)
F3S. 552(4A)-(4C) inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 57(2)
Modifications etc. (not altering text)
C2S. 552(1) excluded (1.10.1998 for specified purposes and 6.4.1999 otherwise) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), regs. 1, 35(6)
Marginal Citations
M1Source-1970 s.402
M2Source-1975 Sch.2 20