SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 5Savings and investment income: general
Gains from contracts for life insurance etc: exclusion of pension policies
86
1
Subject to sub-paragraph (4), before 6th April 2006 Chapter 9 of Part 4 applies with the following amendments.
2
For section 479 (exclusion of pension policies) substitute—
479Exclusion of pension policies
1
This Chapter does not apply to a pension policy.
2
In this section “pension policy” means—
a
a policy of life insurance issued in connection with an approved scheme,
b
a policy of insurance which is, or is evidence of, a contract for the time being approved under section 621 of ICTA (contracts to provide for surviving spouses F1and surviving civil partners and dependants), or
c
a policy of life insurance held in connection with an approved personal pension scheme.
3
In this section—
“approved scheme” has the meaning given by section 612(1) of ICTA, and
“personal pension scheme” and “approved”, in relation to such a scheme, have the meaning given by section 630(1) of ICTA.
F23
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
The power of the Treasury to make an order under section 281 or 283 of FA 2004 has effect as if Schedule 35 to that Act contained amendments—
a
substituting section 479 of this Act for that section as substituted by sub-paragraph (2), and
b
substituting “
non-registered occupational pension
”
for “sponsored superannuation” in section 486 of this Act.