Part 7 Savings and Investment Income: Gains from Contracts for Life Insurance etc (Personal Portfolio Bonds)
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Part 7 Savings and Investment Income: Gains from Contracts for Life Insurance etc (Personal Portfolio Bonds)

Pre-17th March 1998 contract or policy: conditions to be met for contract or policy not to be a personal portfolio bond

119

For the purposes of Chapter 9 of Part 4, a policy or contract is not a personal portfolio bond if—

(a)     it meets the date condition (see paragraph 120),

(b)     it meets the non-variation condition (see paragraph 121), and

(c)     it meets either the first selection condition (see paragraph 122) or the second selection condition (see paragraph 123).

The date condition

120

(1)     A policy meets the date condition if it is a policy issued in respect of an insurance made before 17th March 1998.

(2)     A contract meets the date condition if it was made before that date.

The non-variation condition

121

(1)     A policy or contract meets the non-variation condition if it has not been varied on or after 16th July 1998 so as—

(a)     to increase the benefits secured, or

(b)     to extend the term of the policy or contract.

(2)     Any exercise of rights conferred by a policy or contract

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