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(1)If the calculation in section 507 shows that a gain has arisen as at the end of the insurance year, the gain is treated as arising on the occurrence of a chargeable event at the end of that year, unless condition A, B or C is met.
(2)Subsection (1) is subject to section 485(3) (which restricts the circumstances in which such events occur in relation to qualifying policies).
(3)Condition A is that during the insurance year there has been an assignment for money or money’s worth of part of or a share in the rights conferred by the policy or contract.
(4)Condition B is that during the insurance year there has been both—
(a)a surrender of part of or a share in the rights conferred by the policy or contract, and
(b)a later assignment, otherwise than for money or money’s worth, of the whole or part of or a share in the rights conferred by the policy or contract.
(5)Condition C is that the insurance year is the final insurance year.
(6)See section 510 (transaction-related calculations in certain part surrender and assignment cases) if one or both of conditions A and B are met.
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