SCHEDULES

SCHEDULE 2Transitionals and savings etc.

Part 5Savings and investment income: general

Gains from contracts for life insurance etc: rights partially assigned

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Section 505 (assignments involving co-ownership) does not have effect in relation to any transaction which—

a

took place in relation to a policy or contract in an insurance year beginning on or before 5th April 2001, and

b

would otherwise and by reason only of the application of that section fall to be taken into account as an assignment of a part of or a share in the rights conferred by the policy or contract in a calculation under—

i

section 507 (periodic calculations in part surrender and assignment cases), or

ii

section 511 (transaction-related calculations in part surrender and assignment cases).