Part 4Savings and investment income

Chapter 9Gains from contracts for life insurance etc.

Policies and contracts to which Chapter 9 applies

473Policies and contracts to which Chapter 9 applies: general

(1)

This Chapter applies to—

(a)

policies of life insurance,

(b)

contracts for life annuities, and

(c)

capital redemption policies.

(2)

In this Chapter—

“capital redemption policy” means a contract made in the course of a capital redemption business, F1 within the meaning given by section 56(3) of FA 2012 , and

“life annuity” means—

(a)

an annuity that—

  1. (i)

    is a purchased life annuity for the purposes of Chapter 7 of this Part (see section 423), and

  2. (ii)

    is not specified in section 718 (annuities excluded from the exemption for part of purchased life annuity payments under section 717), or

(b)

F2...

(3)

Subsection (1) is subject to—

  • section 478 (exclusion of mortgage repayment policies),

  • section 479 (exclusion of pension policies),

  • section 480 (exclusion of excepted group life policies), and

  • section 483 (exclusion of credit union group life policies).