This section has no associated Explanatory Notes
87U.K.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).