Commentary

E1.453E Life insurance gains—valuation of part surrendered or assigned

Personal and employment tax

E1.453E Life insurance gains—valuation of part surrendered or assigned

E1.453E Life insurance gains—valuation of part surrendered or assigned

On a surrender of a part or share in rights under a policy or contract, the value is the amount or value of the sum payable or other benefits arising, except1:

  1.  

    (a)     where the surrender is a loan, the value is the amount of the loan

  2.  

    (b)     where the surrender is a payment under a guaranteed income bond (see E1.453B), the value is the reckonable part of that payment

On an assignment of a part or share in rights under a policy or contract, the value

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