9 Life insurance policies: recalculating gains on part surrenders etc
Finance (No 2) Act 2017 (2017 c 32) | Legislation

9  Life insurance policies: recalculating gains on part surrenders etc

(1)     ITTOIA 2005 is amended as follows.

(2)     After section 507 (method for making periodic calculations in part surrender or assignment cases) insert—

“507A Recalculating gains under section 507

(1)     An interested person may apply to an officer of Revenue and Customs for a review of a calculation under section 507 on the ground that the gain arising from it is wholly disproportionate.

(2)     For the purposes of this section an interested person in relation to a calculation under section 507 is a person who would be liable for all or any part of the amount of tax that would be chargeable under this Chapter if the gain were not recalculated.

(3)     Applications under subsection (1) must be—

(a)     made in writing, and

(b)     received by an officer of Revenue and Customs within—

(i)     the four tax years following the tax year in which the gain arose, or

(ii)     such longer period as the officer may agree.

(4)     In considering whether the gain is wholly disproportionate, the officer may take into account (as well as the amount of the gain) any factor which the officer considers appropriate including,

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