Part 4Savings and investment income
Chapter 9Gains from contracts for life insurance etc.
Personal portfolio bonds
515Requirement for annual calculations in relation to personal portfolio bonds 9
(1)
This section applies if a policy or contract to which this Chapter applies is a personal portfolio bond at the end of an insurance year.
(2)
But this section does not apply if the insurance year is the final insurance year.
(3)
A calculation is to be made in accordance with section 522 in relation to the policy or contract as at the end of the insurance year to determine—
(a)
whether a gain has arisen on the policy or contract in relation to that year, and
(b)
if so, the amount of the gain.
(4)
The calculation is in addition to any other calculation which is required to be made under this Chapter in relation to the policy or contract.