Income Tax (Trading and Other Income) Act 2005 section 477

Special rules: certain older policies and contracts

Section 477 explains that the rules in this chapter on gains from life insurance contracts and similar policies do not apply uniformly to all policies and contracts — special transitional rules apply to older ones made or issued before certain dates.

• Contracts made before particular dates and policies issued before particular dates are subject to modified rules under Parts 6 and 7 of Schedule 2
• These modifications preserve aspects of the tax treatment that applied when the older policies or contracts were originally taken out
• The specific provisions affected by these special rules for older policies and contracts are listed in a table in section 546
• This section acts as a signpost rather than containing substantive rules itself, directing the reader to the detailed transitional provisions elsewhere in the Act