Part 4Savings and investment income
Chapter 9Gains from contracts for life insurance etc.
Policies and contracts to which Chapter 9 applies
483Exclusion of credit union group life policies
(1)
This Chapter does not apply to a credit union group life policy.
(2)
In this section “credit union group life policy” means a group life policy with the sole object of providing, on the death or disability of any of the individuals insured under it, a sum substantially the same as any amount then outstanding under a loan made to that individual by a credit union.
(3)
In this section “credit union” means a society registered as a credit union under—
(a)
F1the Co-operative and Community Benefit Societies Act 2014, or
(b)
the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)).