Commentary

E1.451C Life insurance gains—assignment of rights before 26 June 1982

Personal and employment tax

E1.451C Life insurance gains—assignment of rights before 26 June 1982

E1.451C Life insurance gains—assignment of rights before 26 June 1982

Where the rights in a policy or contract were assigned before 26 June 1982 for money or money's worth, a subsequent event in respect of that policy or contract is only a chargeable event if1:

  1.  

    (a)     the rights have reverted to the original owner

  2.  

    (b)     there is a further assignment for money or money's worth

  3.  

    (c)     there is a payment under the policy or contract by way of premium, or

  4.  

    (d)     in respect of a policy or contract made after 26 March 1974, a loan is made by the insurer

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