Part 4Savings and investment income
Chapter 9Gains from contracts for life insurance etc.
When chargeable events occur: general
488Disregard of some events after alterations of life insurance policy terms
1
This section applies if—
a
the terms of a policy of life insurance are altered,
b
the alteration is not itself a chargeable event, and
c
the conditions specified in section 489 are met.
2
After the alteration a chargeable event is only treated as occurring in relation to the policy if one would have been treated as occurring had the alteration not occurred.
3
If the alteration results in the policy being regarded as replaced by another, this section and section 489 apply as if they were a single policy.