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Finance Act 2008
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- UK Public General Acts
- 2008 c. 9
- SCHEDULE 13
- Contract to be loan...
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Changes over time for: Cross Heading: Contract to be loan relationship
Version Superseded: 01/04/2009
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- 21/07/2008- Amendment
- 21/07/2008
Point in time - 01/04/2009- Amendment
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Finance Act 2008, Cross Heading: Contract to be loan relationship is up to date with all changes known to be in force on or before 02 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Contract to be loan relationshipU.K.
2(1)If a relevant company is a party to an investment life insurance contract, for the purposes of Chapter 2 of Part 4 of FA 1996 the contract is, in relation to the company, a loan relationship of the company (as a creditor relationship).U.K.
(2)But if—
(a)the amount or value of a lump sum payable under an investment life insurance contract by reason of death or the onset of critical illness, exceeds
(b)the surrender value of the contract immediately before the time when the lump sum becomes payable,
the excess is not to be brought into account as a credit under that Chapter representing a profit from a related transaction arising by reason of the lump sum becoming payable.
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