538Recovery of tax from trusteesU.K.
(1)This section applies if—
(a)immediately before a chargeable event the rights under the policy or contract, or the part of or share in them in question, were held on non-charitable trusts,
(b)an individual is liable for tax under this Chapter for the tax year on the gain from the event, and
(c)the income tax for which the individual is liable for the tax year, after any relief available in respect of the gain under section 535 (top slicing relief), exceeds that for which the individual would have been liable apart from the event.
(2)The individual is entitled to recover that excess from the trustees, subject to the restriction specified in subsection (3).
(3)The amount recovered must not exceed the total of—
(a)any sums received by the trustees because of the chargeable event, and
(b)the value of any benefits so received.
(4)If the individual's relief under section 535 for the tax year does not relate only to the gain from the event in question, for the purposes of subsection (1)(c) a proportionate part of that relief is taken to be relief in respect of that gain.
(5)An individual may require the Inland Revenue to certify an amount recoverable by the individual under this section.
(6)Such a certificate is conclusive evidence of the amount.