Part 4Savings and investment income

Chapter 9Gains from contracts for life insurance etc.

Policies and contracts to which Chapter 9 applies

480Exclusion of excepted group life policies

(1)

This Chapter does not apply to an excepted group life policy.

(2)

In this Chapter “group life policy” means a policy of life insurance whose terms provide—

(a)

for the payment of benefits on the death of more than one individual, and

(b)

for those benefits to be paid on the death of each of those individuals.

(3)

In this section “excepted group life policy” means a group life policy with respect to which the conditions specified in the following sections are met—

(a)

section 481 (conditions about benefits), and

(b)

section 482 (conditions about persons intended to benefit).