505 Assignments etc involving co-ownership
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

505  Assignments etc involving co-ownership

(1)     For the purposes of this Chapter (except this section and section 506)—

(a)     a transaction to which this section applies is taken to be one or more assignments of part only of the rights under the policy or contract in respect of which the transaction occurs, and

(b)     those assignments are the ones specified in section 506.

(2)     If subsection (1) applies to a transaction that is an assignment—

(a)     of the whole of the rights under a policy or

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