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Income Tax (Trading and Other Income) Act 2005

Section 509: Chargeable events in certain cases where periodic calculations show gains

2009.This section is based on sections 540, 542, 545, 546 and 546B of ICTA.

2010.The transactions mentioned in conditions A and B are those that trigger the operation of section 510. Subsection (6) signposts what happens in such circumstances.

2011.The effect of condition C is that there cannot be a chargeable event as a result of a gain arising under the calculation in section 507 when the insurance year is the final insurance year.

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