SCHEDULE 8 Gains from Contracts for Life Insurance etc
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 8 Gains from Contracts for Life Insurance etc

Section 24

1

Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc) is amended as follows.

2

In section 476 (special rules: foreign policies) in subsection (2)—

(a)     after the entry relating to section 474(3) to (5) insert “andâ€,

(b)     omit the entry relating to section 528,

(c)     omit the “and†after the entry relating to sections 531 to 534, and

(d)     omit the entry relating to section 536(6).

3

For section 528 substitute—

“528 Reduction in amount charged on basis of non-UK residence where individual liable for tax

(1)     Subsection (2) applies if—

(a)     an individual is liable for tax charged on a gain from a policy of life insurance or a capital redemption policy, and

(b)     there are one or more days in the material interest period on which the individual is not UK resident.

(2)     In determining the individual's liability for tax, the gain on which the tax is charged in the case of the individual is to be reduced by the appropriate fraction.

(3)     The appropriate fraction is—

A / B

·É³ó±ð°ù±ð—

A

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