Section 461: Charge to tax under Chapter 9
1855.This section charges gains from policies and contracts to tax. It is based on, and combines:
the income tax charge in section 547(1) of ICTA (which stands outside the schedular system);
the charges under Schedule D Case VI in sections 547(6) and 553(6) of ICTA; and
the special charge on personal portfolio bonds under section 547 of ICTA by virtue of regulation 6 of PPB(T)R.
1856.The exemption mentioned in subsection (4) is not an exhaustive statement of exemptions that may apply.