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Income Tax (Trading and Other Income) Act 2005

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Changes over time for: Section 462

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Point in time view as at 07/04/2005.

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There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 462. Help about Changes to Legislation

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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