[210 Life insurance and deferred annuities]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[210  Life insurance and deferred annuities]

[(1)     This section has effect in relation to any policy of insurance or contract for a deferred annuity on the life of any person.

(2)     A gain accruing on a disposal of, or of an interest in, the rights conferred by the policy of insurance or contract for a deferred annuity is not a chargeable gain unless subsection (3) below applies.

(3)     This subsection applies if—

(a)     (in the case of a disposal of the rights) the rights or any interest in the rights, or

(b)     (in the case of a disposal of an interest in the rights) the rights, the interest or any interest from which the interest directly or indirectly derives (in whole or in part),

have or has at any time been acquired by any person for actual consideration (as opposed to consideration deemed to be given by any enactment relating to the taxation of chargeable gains).

(4)     For the purposes of subsection (3) above—

(a)     (in the case of a policy of insurance) amounts paid under the policy by way of premiums, and

(b)     (in the case of a contract for a deferred annuity) amounts paid under the contract, whether

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