Income Tax (Trading and Other Income) Act 2005 (c. 5)

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)

The non-variation condition U.K.

121 (1) A policy or contract meets the non-variation condition if it has not been varied on or after 16th July 1998 so as— U.K.

(a) to increase the benefits secured, or

(b) to extend the term of the policy or contract.

(2) Any exercise of rights conferred by a policy or contract counts as its variation for the purposes of this paragraph.