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Changes over time for: Section 514


Timeline of Changes
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Version Superseded: 17/07/2013
Status:
Point in time view as at 07/04/2005. This version of this provision has been superseded.

Status
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Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 514.

Changes to Legislation
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514Chargeable events where transaction-related calculations show gainsU.K.
This section has no associated Explanatory Notes
(1)If the calculation in section 511 shows that a relevant transaction resulted in a gain arising on the policy or contract, the relevant transaction is treated as a chargeable event.
(2)Subsection (1) is subject to section 485(5) (which restricts the circumstances in which such events occur in relation to qualifying policies).
(3)Subsection (4) applies if—
(a)a relevant transaction that is a chargeable event occurs in a different tax year from that in which the insurance year ends, and
(b)apart from subsection (4), a person would be liable to tax on the gain under this Chapter for the tax year in which the transaction occurs.
(4)The gain is charged to tax under this Chapter for the tax year in which the insurance year ends instead.
(5)If the relevant transaction occurs in the final insurance year, the chargeable event within subsection (1) is treated as occurring before the chargeable event that ends that year.
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