SCHEDULES

SCHEDULE 2 U.K. Transitionals and savings etc.

Part 7 U.K. Savings and investment income: gains from contracts for life insurance etc. (personal portfolio bonds)

Pre-17th March 1998 contract or policy: conditions to be met for contract or policy not to be a personal portfolio bond U.K.

119 U.K. For the purposes of Chapter 9 of Part 4, a policy or contract is not a personal portfolio bond if—

(a) it meets the date condition (see paragraph 120),

(b) it meets the non-variation condition (see paragraph 121), and

(c) it meets either the first selection condition (see paragraph 122) or the second selection condition (see paragraph 123).