Part 4 Savings and investment income

Chapter 9 Gains from contracts for life insurance etc.

Personal portfolio bonds

517 Policies and contracts which are not personal portfolio bonds

(1) A policy or contract is not a personal portfolio bond merely because its terms permit the selection of an index as described in section 516(4) if that index—

(a) falls within one of the categories listed in section 518, and

(b) meets one of the index selection conditions (see section 519).

(2) A policy or contract is not a personal portfolio bond merely because its terms permit the selection of property as described in section 516(4) if all of the property which may be so selected—

(a) falls within one or more of the categories listed in section 520, and

(b) meets one or both of the property selection conditions (see section 521).