Part 4

Savings and investment income
Chapter 9

Gains from contracts for life insurance etc.

When chargeable events occur: general

Disregard of certain assignments
487
For the purposes of this Chapter, an assignment of rights under a policy or contract or a share in such rights is ignored if it is—
a
by way of security for a debt,
b
on the discharge of a debt secured by the rights or share, or
c
between spouses or civil partners living together.
Words in s. 487 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), reg. 185
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))
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)
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)