SCHEDULES

SCHEDULE 2Transitionals and savings etc.

Part 5Savings and investment income: general

Gains from contracts for life insurance etc: exclusion of pension policies

86

1

Subject to sub-paragraph (4), before 6th April 2006 Chapter 9 of Part 4 applies with the following amendments.

2

For section 479 (exclusion of pension policies) substitute—

479Exclusion of pension policies

1

This Chapter does not apply to a pension policy.

2

In this section “pension policy” means—

a

a policy of life insurance issued in connection with an approved scheme,

b

a policy of insurance which is, or is evidence of, a contract for the time being approved under section 621 of ICTA (contracts to provide for surviving spouses F1and surviving civil partners and dependants), or

c

a policy of life insurance held in connection with an approved personal pension scheme.

3

In this section—

  • “approved scheme” has the meaning given by section 612(1) of ICTA, and

  • “personal pension scheme” and “approved”, in relation to such a scheme, have the meaning given by section 630(1) of ICTA.

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4

The power of the Treasury to make an order under section 281 or 283 of FA 2004 has effect as if Schedule 35 to that Act contained amendments—

a

substituting section 479 of this Act for that section as substituted by sub-paragraph (2), and

b

substituting “ non-registered occupational pension ” for “sponsored superannuation” in section 486 of this Act.