Commentary

E1.451 Life insurance gains—chargeable events

Personal and employment tax

E1.451 Life insurance gains—chargeable events

E1.451 Life insurance gains—chargeable events

A gain arises when a chargeable event occurs1.

Subject to the disregards at E1.451A–E1.451C, there is a chargeable event in the case of any kind of policy or contract where2:

  1.  

    •     all rights under it are surrendered or assigned for money or money's worth

  2.  

    •     a sum is payable under a right to participate in profits, if there are no remaining rights

  3.  

    •     the calculation on a part surrender or assignment shows a gain (see E1.453D)

  4.  

    •     a transaction-related calculation shows a gain (see E1.453F)

  5.  

    •     a personal portfolio calculation shows a gain (see E1.454)

There is

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