Income Tax (Trading and Other Income) Act 2005 section 546

Table of provisions subject to special rules for older policies and contracts

Section 546 provides a reference guide that maps the provisions in Chapter 9 (gains from life insurance contracts) to the special transitional rules that apply to older policies and contracts taken out before various key dates.

• Numerous provisions in Chapter 9 dealing with chargeable events on life insurance policies and contracts are modified for older policies by transitional rules in Schedule 2
• The key dates that determine whether special rules apply range from 1968 through to 2005, depending on the specific provision in question
• The transitional rules cover a wide range of matters including which policies fall within the charge, how gains are calculated, the treatment of part surrenders and loans, personal portfolio bonds, deficiency relief, and top slicing relief
• Additional general transitional rules in paragraphs 85 to 91 of Schedule 2 must also be considered alongside the specific rules listed in the table