Part 4Savings and investment income
Chapter 9Gains from contracts for life insurance etc.
Policies and contracts to which Chapter 9 applies
478Exclusion of mortgage repayment policies
(1)
This Chapter does not apply to a mortgage repayment policy.
(2)
In this section “mortgage repayment policy” means a policy of life insurance with the sole object of providing, on an individual's death or disability, a sum substantially the same as any amount then outstanding under a repayment mortgage—
(a)
of the individual's residence, or
(b)
of any premises occupied by the individual for the purposes of a business.
(3)
In this section “repayment mortgage” means a mortgage securing a principal amount which is repayable by instalments payable annually or at shorter regular intervals.