(1)The person liable for any tax charged under this Chapter is the person indicated by—
section 465 (person liable: individuals),
section 466 (person liable: personal representatives), and
section 467 (person liable: UK resident trustees),
according to how the rights under the policy or contract are owned or held immediately before the chargeable event in question occurs.
(2)References in those sections to the ownership or holding of those rights are references to their ownership or holding at that time.
(3)If there has been a surrender or assignment of only a part of or share in rights under the policy or contract, the references in this section and those sections to the rights are references to that part or share.
(4)For cases where such surrenders or assignments are taken to occur, see—
section 500 (events treated as part surrenders), and
section 505 (assignments etc. involving co-ownership).
(5)This section and sections 470 to 472 are subject to section 469(4) (application of this section and those sections where two or more persons are interested in the policy or contract in question).
(6)See also—
section 468 (non-UK resident trustees and foreign institutions),
section 471 (determination of shares etc.), and
section 472 (trusts created by two or more persons).