(1)This section and sections 567 to 569 apply if the relevant company was a party to an investment life insurance contract immediately before the beginning of the first accounting period of the company beginning on or after 1 April 2008.
(2)In those sections—
“the deemed surrender” means the surrender of all the rights under that contract that the relevant company was deemed for the purposes of Chapter 2 of Part 13 of ICTA (life policies etc) to have made immediately before 1 April 2008 under paragraph 6(1) of Schedule 13 to FA 2008 for an amount equal to the carrying value of the contract at that time as recognised for accounting purposes,
“the first accounting period” means the first accounting period of the company beginning on or after that date, and
“the old contract” means the contract mentioned in subsection (1).