This is the original version (as it was originally enacted).
(1)This section applies if—
(a)a part of, or share in, the rights under a policy or contract is surrendered, or
(b)such a part or share is assigned for money or money’s worth.
(2)A calculation is to be made in accordance with section 507 in relation to the policy or contract as at the end of the insurance year in which the surrender or assignment occurs (see section 499) to determine—
(a)whether a gain has arisen on the policy or contract, and
(b)if so, the amount of the gain.
(3)For cases where surrenders and assignments of a part of the rights under a policy or contract are treated as occurring where they would not otherwise do so, see sections 500 to 506.
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