Income Tax (Trading and Other Income) Act 2005 section 473

Policies and contracts to which Chapter 9 applies: general

Section 473 identifies the types of insurance policies and annuity contracts that fall within Chapter 9, which deals with taxable gains arising from life insurance contracts and similar arrangements.

• Chapter 9 applies to three categories: policies of life insurance, contracts for life annuities, and capital redemption policies
• A capital redemption policy is a contract made in the course of capital redemption business as defined by section 56(3) of Finance Act 2012
• A life annuity is a purchased life annuity (as defined in Chapter 7) that is not one of the annuities excluded from the partial exemption under section 718
• Four specific exclusions apply: mortgage repayment policies, pension policies, excepted group life policies, and credit union group life policies