73 Policies of insurance and non-deferred annuities
Finance Act 2006 (2006 c 25) | Legislation

Insurance policies and annuities

73  Policies of insurance and non-deferred annuities

(1)     TCGA 1992 is amended as follows.

(2)     For section 204 (policies of insurance) substitute—

“204 Policies of insurance and non-deferred annuities

(1)     A gain accruing on a disposal of, or of an interest in, the rights conferred by a non-life policy of insurance is not a chargeable gain (but see subsection (2)).

(2)     If a disposal is of, or of an interest in, the rights conferred by a non-life policy of insurance of the risk of—

(a)     any kind of damage to assets, or

(b)     the loss or depreciation of assets,

the exemption under subsection (1) does not apply so far as those rights relate to chargeable

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