Point in time view as at 06/04/2005.
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.
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