SCHEDULES
SCHEDULE 2Transitionals and savings etc.
Part 5Savings and investment income: general
87Gains from contracts for life insurance etc: rights partially assigned
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).