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Changes over time for: Section 462


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 07/04/2005.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 462.

Changes to Legislation
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462When gains arise from policies and contractsU.K.
This section has no associated Explanatory Notes
(1)For the purposes of this Chapter, a gain from a policy or contract arises when a chargeable event occurs in relation to the policy or contract (see section 484).
(2)But certain chargeable events are only treated as occurring because a calculation required to be made as at a particular time shows that the gain has arisen.
(3)See, in particular—
(a)section 509(1) (under which a chargeable event is treated as occurring where a periodic calculation following a part surrender or assignment shows a gain),
(b)section 514(1) (under which a part surrender or assignment is treated as a chargeable event where a calculation related to it shows a gain), and
(c)section 525(2) (under which a chargeable event is treated as occurring where an annual personal portfolio bond calculation shows a gain).
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