Part 4Savings and investment income

Chapter 9Gains from contracts for life insurance etc.

Policies and contracts to which Chapter 9 applies

476Special rules: foreign policies

(1)

In the application of this Chapter to foreign policies of life insurance and foreign capital redemption policies, certain special rules apply.

(2)

See, in particular—

  • section 474(3) to (5) (certain foreign policies treated as not being qualifying policies), F1 and

  • F2...

  • sections 531 to 534 (under which foreign policies are excepted from section 530 (income tax treated as paid etc.) subject to certain reliefs), F3...

  • F4...

(3)

In this Chapter—

“foreign policy of life insurance” means—

(a)

a policy of life insurance issued by a non-UK resident company, and

(b)

a policy of life insurance which forms part of the overseas life assurance business of an insurance company or friendly society F5...,

“foreign capital redemption policy” means—

(a)

a capital redemption policy issued by a non-UK resident company, and

(b)

a capital redemption policy which forms part of the overseas life assurance business of an insurance company F6..., and

“overseas life assurance business” has the F7 meaning given by section 61 of FA 2012.