Part 4Savings and investment income
Chapter 9Gains from contracts for life insurance etc.
Person liable etc.
470Interests in rights under a policy or contract for section 469
1
This section sets out the circumstances in which a person has a material interest in the rights under a policy or contract for the purposes of section 469.
2
An individual has such an interest if—
a
the individual beneficially owns a share in the rights,
b
a share in them is held on non-charitable trusts which the individual created, or
c
a share in them is held as security for the individual's debt.
3
A company has such an interest if—
a
the company beneficially owns a share in the rights,
b
a share in them is held on non-charitable trusts which the company created, or
c
a share in them is held as security for the company's debt.
4
Personal representatives have such an interest if they hold a share in the rights.
5
Trustees of a charitable trust have such an interest if a share in the rights—
a
is held by them, or
b
is held as security for a debt owed by them.
6
Trustees of a non-charitable trust have such an interest if—
a
a share in the rights is held by the trustees and one of the absent settlor conditions specified in section 467(4) is met,
b
a share in the rights is held by them, none of those conditions is met and no individual, company or personal representatives have an interest in the share, or
c
a share in them is held as security for a debt owed by the trustees.
7
A foreign institution has such an interest if—
a
the institution beneficially owns a share in the rights,
b
the rights are held for the institution's purposes, or
c
a share in them is held as security for the institution's debt.