[204 Policies of insurance and non-deferred annuities]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

Chapter III
Insurance

[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 assets.

(3)     For this purpose “chargeable assets”

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