Part 4 U.K. Savings and investment income

Chapter 9 U.K. Gains from contracts for life insurance etc.

When chargeable events occur: general U.K.

486 Exclusion of maturity of capital redemption policies in certain circumstances U.K.

The maturity of a capital redemption policy is not a chargeable event if the sums payable on maturity—

(a) are chargeable to income tax because they fall within—

(i) Chapter 7 (purchased life annuities),

(ii) Chapter 7 of Part 5 (annual payments not otherwise charged),

(iii) section 609 of ITEPA 2003 (annuities for the benefit of dependants),

(iv) section 610 of that Act (annuities under non-registered occupational pension schemes), or

(v) section 611 of that Act (annuities in recognition of another's services), or

(b) are chargeable to corporation tax under Schedule D.