523The total amount of personal portfolio bond excessesU.K.
This section has no associated Explanatory Notes
(1)To calculate the total amount of personal portfolio bond excesses—
Step 1
Apply the calculation in section 522 in relation to the policy or contract as at the end of each previous insurance year during its existence in succession starting with the first such year.
Step 2
Determine whether in each case the calculation produces a gain and, if so, its amount.
Step 3
Add together all the amounts produced by step 2.
(2)But if there is no previous insurance year during the existence of the policy or contract, the total amount of personal portfolio bond excesses is nil.