Commentary

E1.450 Life insurance gains—multiple interests

Personal and employment tax

E1.450 Life insurance gains—multiple interests

E1.450 Life insurance gains—multiple interests

Life insurance policies—material interests

It is necessary to determine who holds a material interest in the policy or contract immediately before the chargeable event in E1.451.

An individual has a material interest if a share in the rights is beneficially owned by him, or held in a non-charitable trust created by him or as security for a debt owed by him1.

A company has a material interest if a share in the rights is beneficially owned by it or held in a non-charitable trust created by it or as security for a debt owed by it2.

Personal representatives have a material interest if they hold a

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