Part 4Savings and investment income
Chapter 9Gains from contracts for life insurance etc.
Part surrenders and assignments: periodic calculations and excess events
499Meaning of “insurance year” and “final insurance year”
1
In this Chapter “insurance year”, in relation to a policy or contract, means the 12 months beginning with—
a
the date on which the insurance or contract is made, or
b
any anniversary of that date.
2
Subsection (1) is subject to subsections (3) and (5).
3
An event referred to in section 484(1)(a)(i) or (iii) or (b) to (e) (surrender of all rights, final participation in profits, death, maturity, or taking a capital sum as a complete alternative to annuity payments) is treated as ending the insurance year in which it occurs.
4
In this Chapter “final insurance year” means an insurance year that is ended as a result of subsection (3).
5
But if, as a result of subsection (3), an insurance year would begin and end in the same tax year—
a
that insurance year and the previous insurance year are treated as one insurance year, and
b
“final insurance year” needs to be read accordingly.