Income Tax (Trading and Other Income) Act 2005 section 557

Person liable

Section 557 identified the person liable to tax on gains from contracts of life insurance and capital redemption policies, but was removed from the legislation with effect from the 2013–14 tax year onwards.

• Section 557 formed part of Chapter 12 (sections 555–569) of ITTOIA 2005, which dealt with the taxation of gains from life insurance contracts and capital redemption policies.
• The section specified which individual was treated as the person liable to income tax when a chargeable event gain arose on such policies.
• The entire Chapter 12, including section 557, was removed from the legislation by Finance Act 2013, Schedule 12, paragraph 13(2).
• The repeal took effect from the 2013–14 tax year and all subsequent tax years, meaning the section has no application from that point forward.