Part 4

Savings and investment income
Chapter 9

Gains from contracts for life insurance etc.

When chargeable events occur: general

Disregard of some events after alterations of life insurance policy terms
488
1
This section applies if—
a
the terms of a policy of life insurance are altered,
b
the alteration is not itself a chargeable event, and
c
the conditions specified in section 489 are met.
2
After the alteration a chargeable event is only treated as occurring in relation to the policy if one would have been treated as occurring had the alteration not occurred.
3
If the alteration results in the policy being regarded as replaced by another, this section and section 489 apply as if they were a single policy.
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)