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(1)In the application of this Chapter to foreign policies of life insurance and foreign capital redemption policies, certain special rules apply.
(2)See, in particular—
section 474(3) to (5) (certain foreign policies treated as not being qualifying policies),
section 528 (reduction in amount charged: non-UK resident policy holders),
sections 531 to 534 (under which foreign policies are excepted from section 530 (income tax treated as paid etc.) subject to certain reliefs), and
section 536(6) (method of calculating top slicing relief).
(3)In this Chapter—
“foreign policy of life insurance” means—
a policy of life insurance issued by a non-UK resident company, and
a policy of life insurance which forms part of the overseas life assurance business of an insurance company or friendly society as a result of section 431D(1)(a) of ICTA (business with a non-UK resident policy holder),
“foreign capital redemption policy” means—
a capital redemption policy issued by a non-UK resident company, and
a capital redemption policy which forms part of the overseas life assurance business of an insurance company as a result of section 431D(1)(a) of ICTA, and
“overseas life assurance business” has the same meaning as in Part 12 of ICTA (see section 431D of that Act).
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