Income Tax (Trading and Other Income) Act 2005 section 573

Person liable

Section 573 identified the person liable to tax on gains from contracts for life insurance and similar arrangements, but this provision has been removed from the legislation for transfers occurring on or after 22 April 2009.

• Section 573 was part of Chapter 13 (sections 570–573) of the Act, which dealt with gains from contracts for life insurance and related matters.
• The section specified which person was liable to income tax on such gains.
• The entire chapter, including section 573, was repealed by the Finance Act 2009 for transfers taking place on or after 22 April 2009.
• Any transfers that occurred before 22 April 2009 would still have been subject to the original rules under this section.