Commentary

E1.451A Life insurance gains—events disregarded: qualifying policies

Personal and employment tax

E1.451A Life insurance gains—events disregarded: qualifying policies

E1.451A Life insurance gains—events disregarded: qualifying policies

In the case of a qualifying policy, but not a restricted relief qualifying policy (see E1.443), any of the events listed below is only a chargeable event1:

  1.  

    (a)     if the policy has been converted into a paid-up policy within 10 years of its issue or, if sooner, three-quarters of the term for which it has to run, or

  2.  

    (b)     if a company has an interest in the rights in the policy at the time of the event and the policy was issued after 13 March 19892

As regards (a) above, if the policy has

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