Income Tax (Trading and Other Income) Act 2005 section 507A

Recalculating gains under section 507

Section 507A allows policyholders who have part surrendered or part assigned their life assurance policies and generated a wholly disproportionate taxable gain to apply to HMRC to have that gain recalculated on a just and reasonable basis.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.