Finance Act 2001

The value of a part or share assigned

8 (1) Section 546 (calculation of certain amounts for the purposes of sections 540, 542 and 545) is amended as follows.

(2) In subsection (1), in paragraph (a) (calculation of value of parts or shares assigned or surrendered)—

(a) after “which” insert “—(i)”;

(b) for “assigned or surrendered” substitute “assigned for money or money’s worth, or surrendered,”; and

(c) after “13th March 1975;” insert— “or

(ii) has been assigned otherwise than for money or money’s worth during that period but in a year beginning on or before 5th April 2001;”.

(3) At the end of the section insert—

“(6) Where any part of or share in the rights conferred by a policy or contract is assigned, the value of the part or share, as at the time of the assignment, shall be taken for the purposes of this section to be its surrender value at that time.”.