Part 4Savings and investment income
Chapter 9Gains from contracts for life insurance etc.
Personal portfolio bonds
521The property selection conditions
(1)
The property selection conditions are—
(a)
the general selection condition (see subsection (2)), and
(b)
the class selection condition (see subsection (3)).
(2)
Property meets the general selection condition if, at the time when it may be selected, the opportunity to select property falling within the same category is available to—
(a)
all policy holders of the insurance company, or
(b)
persons acting on behalf of those policy holders.
(3)
Property meets the class selection condition if, at the time when it may be selected, the opportunity to select property falling within the same category is available to—
(a)
a particular class or classes of policy holders of the insurance company, or
(b)
persons acting on behalf of the members of that class or those classes.
(4)
A group of policy holders to whom the opportunity to select property falling within a particular category is available is a “class” for the purposes of subsection (3) if—
(a)
neither membership of the class nor the opportunity are limited to connected persons,
(b)
the question whether a policy holder is a member of a class, or has the opportunity, is determined solely by the insurance company, and
(c)
the opportunity is clearly identified in marketing or other promotional material published by the insurance company to members of the public, or members of the public who are intending investors, as available generally to any person falling within its terms.
(5)
In this section—
“holder” has the meaning given by section 516(5), and
“policy holder” includes a holder of a life annuity contract.