There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Section 515.
(1)This section applies if a policy or contract to which this Chapter applies is a personal portfolio bond at the end of an insurance year.
(2)But this section does not apply if the insurance year is the final insurance year.
(3)A calculation is to be made in accordance with section 522 in relation to the policy or contract as at the end of the insurance year to determine—
(a)whether a gain has arisen on the policy or contract in relation to that year, and
(b)if so, the amount of the gain.
(4)The calculation is in addition to any other calculation which is required to be made under this Chapter in relation to the policy or contract.
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
