Commentary

E1.453G Life insurance gains—part surrender or assignment in final insurance year

Personal and employment tax

E1.453G Life insurance gains—part surrender or assignment in final insurance year

E1.453G Life insurance gains—part surrender or assignment in final insurance year

There is a limit to the total amount of gains ('the gains limit') which can be charged in the final insurance year. This is the amount of the gain on the event which ends that year, ignoring any part surrender or assignment earlier in that year1.

Calculations are made as described in E1.453F for each part surrender or assignment in that year. Any gains are charged in the order in which they occur, but the cumulative total must not exceed the gains limit. When the gains limit has been reached,

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