Income Tax (Trading and Other Income) Act 2005 section 470

Interests in rights under a policy or contract for section 469

Section 470 defines the circumstances in which various types of person are treated as having a "material interest" in the rights under a life insurance policy or capital redemption contract, for the purposes of the rules in section 469 about policies or contracts in which two or more persons are interested.

• Individuals and companies have a material interest if they beneficially own a share in the rights, if a share is held on non-charitable trusts they created, or if a share is held as security for their debt.
• Personal representatives have a material interest simply by holding a share in the rights, while charitable trustees have one if they hold a share or if a share secures a debt they owe.
• Non-charitable trustees have a material interest in more specific circumstances, including where one of the "absent settlor" conditions in section 467 is met, or where no individual, company or personal representatives have an interest in the share, or where a share secures a debt owed by the trustees.
• A foreign institution has a material interest if it beneficially owns a share, if the rights are held for its purposes, or if a share is held as security for its debt.

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