Part 4 U.K. Savings and investment income

Chapter 9 U.K. Gains from contracts for life insurance etc.

Modifications etc. (not altering text)

C1 Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))

C2 Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)

C3 Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)

Policies and contracts to which Chapter 9 applies U.K.

473 Policies and contracts to which Chapter 9 applies: general U.K.

(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—

  (i)

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

  (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).

Textual Amendments

F1 Words in s. 473(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 127

F2 S. 473(2)(b) 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)