Paragraph 117: Pre-3rd March 2004 contract or policy: calculation of deficiencies
3644.This paragraph reflects the commencement provisions for the restriction in section 541 of relief for a deficiency under section 539 by reference to gains for which the individual in question has been liable to tax. It is based on section 140 of FA 2004.
3645.As is usual, the benefit of this paragraph is lost if the policy or contract is varied in certain ways after the relevant commencement date.