[463A Restricted relief qualifying policies: disapplication of section 485 etc]
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

[463A  Restricted relief qualifying policies: disapplication of section 485 etc]

[(1)     This section applies for the purpose of determining if an individual is liable for tax charged under this Chapter.

(2)     In relation to an event occurring on or after 6 April 2013, section 485 (disregard of certain events in relation to qualifying policies) does not apply in relation to a policy (“policy X”) which is a restricted relief qualifying policy (see paragraph A2 of Schedule 15 to ICTA).

(3)     If an individual is liable for tax charged under this Chapter as a result of subsection (2), the gain on which the tax is charged in the case of the individual is reduced by the following amount—

G x (TAP/TP)

ɳ—

G is the amount of the gain (apart from this subsection),

TAP

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