Income Tax (Trading and Other Income) Act 2005 section 143

Election for sections 134 to 140 not to apply

Section 143 allowed taxpayers to elect that the income tax rules in sections 134 to 140, which dealt with the taxation of certain insurance policy gains, would not apply to them. This section was repealed with effect from 1 January 2007.

• Section 143 provided an opt-out mechanism from the rules in sections 134 to 140 concerning the taxation of gains from insurance policies
• Taxpayers could make an election so that those specific charging provisions would not apply to them
• The section was repealed by Finance Act 2006, section 178, and Schedule 26, Part 3(4)
• The repeal took effect from 1 January 2007, meaning this election is no longer available for periods from that date onwards