Modifications etc. (not altering text)
C1Pt. 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))
C2Pt. 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)
C3Pt. 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)
(1)The table in subsection (2) sets out the categories of property referred to in section 517(2).
(2)This is the table—
| Category | Property |
|---|---|
| Category 1 | property which the insurance company has appropriated to an internal linked fund |
| Category 2 | units in an authorised unit trust |
| Category 3 | shares in an investment trust |
| Category 4 | shares in an open-ended investment company |
| Category 5 | cash |
| Category 6 | a policy or contract to which this Chapter applies, other than an excluded policy or contract (see subsection (3)) |
| Category 7 | an interest in a collective investment scheme constituted by— (a) a company which is resident outside the United Kingdom (other than an open-ended investment company), (b) a unit trust scheme the trustees of which are non-UK resident, or (c) any other arrangement which takes effect by virtue of the law of a territory outside the United Kingdom, and which under that law creates rights in the nature of co-ownership (without restricting that term to its legal meaning in any part of the United Kingdom) |
(3)A policy or contract is “excluded” if—
(a)the policy or contract is itself a personal portfolio bond,
(b)the value of any benefits under the policy or contract is or has at any time been capable of being determined directly or indirectly by reference to a personal portfolio bond, or
(c)a personal portfolio bond is related property in relation to the policy or contract.
(4)In this section—
“cash”—
includes any sum which is deposited—
in a building society account (including a share account) or similar account, or
in a bank account or similar account, but
does not include cash which is acquired wholly or partly for the purpose of realising a gain from its disposal,
“collective investment scheme” has the meaning given by section 235 of FISMA 2000, and “interest”, in relation to such a scheme, means the beneficial entitlement of a participant in such a scheme,
“internal linked fund” has the meaning given by—
[F3“investment trust” has the meaning given by [F4section 1158 of CTA 2010],]
“open-ended investment company” has the meaning given by section 236 of FISMA 2000, and
“” has the same meaning as in section 625 (see subsection (5)).
Textual Amendments
F1Words in s. 520(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 8(a)
F2Words in s. 520(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 8(b)
F3S. 520(4): definition of 'investment trust' inserted (6.4.2007 with effect as stated in s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), ss. 1027, 1034, Sch. 1 para. 534 (with transitional provisions and savings in Sch. 2)
F4Words in s. 520(4) substituted (1.4.2010) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 469 (with Sch. 2)