Commentary

E1.454B Policies which are not personal portfolio bonds

Personal and employment tax

E1.454B Policies which are not personal portfolio bonds

E1.454B Policies which are not personal portfolio bonds

A policy or contract is not a PPB if the opportunity to select a specified index category (see E1.454C) or a specified property category (see E1.454D) is available to all (or a particular class of) policyholders1.

A policy or contract is not a PPB if it was taken out before 17 March 1998 unless2:

  1.  

    •     it has been varied after 15 July 1998 to increase the benefits or extend its term, or

  2.  

    •     it satisfies condition X or condition Y.

Condition X is that at any time after 5 April 1994 the benefits have

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