507 Method for making periodic calculations under section 498
Income Tax (Trading and Other Income) Act 2005 (2005 c 5) | Legislation

507  Method for making periodic calculations under section 498

(1)     This section deals with the calculation required to be made in relation to a policy or contract as at the end of an insurance year under section 498(2) (requirement for periodic calculations in part surrender and assignment cases) to determine—

(a)     whether a gain has arisen, and

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

(2)     There is a gain if the net total value of rights surrendered or assigned exceeds the net total allowable payments (see subsections (4) and (5)).

(3)     The gain is equal

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