Part 4Savings and investment income
C1C3C2Chapter 9Gains from contracts for life insurance etc.
Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)
Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)
Charge to tax under Chapter 9
462When gains arise from policies and contracts
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).
Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))