[F1B2(1)Sub-paragraph (2) applies if any rights under a qualifying policy are, or any share in any rights under a qualifying policy is, assigned on or after 6 April 2013.U.K.
(2)The policy is not to be a qualifying policy after the assignment (notwithstanding any other provision of this Schedule).
(3)Sub-paragraph (2) does not apply if—
(a)the assignment is from an individual by way of security for a debt of the individual,
(b)the assignment is to an individual on the discharge of a debt of the individual secured by the rights or share,
(c)the assignment is from an individual to the individual's spouse or civil partner,
(d)the assignment is to an individual in pursuance of an order made by a court,
(e)the assignment is to an individual in pursuance of a legally enforceable obligation relating to a divorce or the dissolution of a civil partnership,
(f)the assignment is from an individual and, as a result of the assignment, the rights assigned are, or the share assigned is, held on trusts created by the individual,
(g)the assignment is to an individual and, as a result of the assignment, the rights assigned are, or the share assigned is, no longer held on trusts, or
(h)the assignment—
(i)is to the personal representatives of a deceased individual, or
(ii)is to an individual where, as a result of the assignment, a deceased beneficiary event (see paragraph A6(2) above) occurs.
(4)Section 465(6) of ITTOIA 2005 applies for the purposes of sub-paragraph (3)(f).
(5)The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that sub-paragraph (2) does not apply if prescribed conditions are met in relation to the assignment.
“Prescribed” means prescribed by the regulations.
(6)Regulations under sub-paragraph (5) may—
(a)make different provision for different cases or circumstances, and
(b)contain incidental, supplementary, consequential, transitional, transitory or saving provision.
(7)See paragraphs A1 and A2 above which may apply in consequence of an assignment falling within sub-paragraph (3) or (5).]
Textual Amendments
F1Sch. 15 paras. B1-B3, cross-headings and preceding heading inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 9 para. 3