Commentary

E1.446 Life insurance gains—individuals

Personal and employment tax

E1.446 Life insurance gains—individuals

E1.446 Life insurance gains—individuals

An individual is liable to income tax under these rules if he is resident in the UK for the tax year in which the gain arises, unless it arises in the overseas part of a split tax year1, and either2:

  1.  

    (a)     he is the beneficial owner of the rights under the policy or contract, or

  2.  

    (b)     those rights are held on non-charitable trusts which he created, or

  3.  

    (c)     those rights are held as security for the individual's debt

The rights in (b) above include trusts under the Married Women's Property Act 1882, s 11 and corresponding Acts

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