485 Disregard of certain events in relation to qualifying policies
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

485  Disregard of certain events in relation to qualifying policies

(1)     In relation to a qualifying policy, the events that count as chargeable events are restricted as follows.

(2)     Death or the maturity of the policy is only a chargeable event if—

(a)     the policy has been converted into a paid-up policy before the end of whichever of the following periods ends sooner—

(i)     10 years from the making of the insurance, and

(ii)     three-quarters of the term for which the policy is to run (assuming it is not ended by death or disability), or

(b)     there is a company interest in

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