Gains from contracts for life insurance etc: exclusion of pension policiesU.K.
86(1)Subject to sub-paragraph (4), before 6th April 2006 Chapter 9 of Part 4 applies with the following amendments.U.K.
(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.”
F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.
Textual Amendments
F1Words in Sch. 2 para. 86(2) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1, 199
F2Sch. 2 para. 86(3) omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(n)