491 Calculating gains: general rules
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

Calculating gains: general

491  Calculating gains: general rules

(1)     This section deals with calculating—

(a)     whether a gain has arisen on a chargeable event within section 484(1)(a)(i) to (iii) or (b) to (e) (surrender or assignment of all rights, final participation in profits, death, maturity, or taking a capital sum as a complete alternative to annuity payments), and

(b)     if so, the amount of the gain.

(2)     There is a gain if TB exceeds the sum of TD and PG where—

TB is the total benefit value of the policy or contract (see section 492),

TD

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