496 Modification of section 494: qualifying endowment policies held as security for company debts
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

496  Modification of section 494: qualifying endowment policies held as security for company debts

(1)     This section applies if—

(a)     a chargeable event within section 484(1)(a)(i), (b) or (c) (surrender of all rights, death or maturity) occurs in relation to a qualifying endowment policy (see subsection (7)),

(b)     immediately before the event occurs the rights under the policy are held as security for a debt owed by a company, and

(c)     the company debt conditions are met (see subsection (4)).

(2)     If—

(a)     the amount of the debt exceeds the amounts referred to in paragraph (a) of step 1 in section 494(1) (the total amount of premiums

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Codicils

CodicilsCodicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more

LEXISNEXIS

The tort of deceit

The tort of deceitDeceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they

LEXISNEXIS

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency

The pari passu principle and collection remedies for the office-holder—the position under the Insolvency (England and Wales) Rules 2016The primary function of office-holders in personal and corporate insolvency is to collect in the assets belonging to a company or individual and to distribute these

LEXISNEXIS

The British Franchise Association (BFA)

The British Franchise Association (BFA)This Practice Note examines the role and remit of the British Franchise Association (the BFA) in the franchise industry in the UK. It looks at the legislative and regulatory framework in the franchise industry, the membership criteria of the BFA, the BFA’s Code