(1) Subject to the provisions of this section, in this Chapter -
(a) "chargeable event", in relation to a life policy, means - (i) the maturity of the life policy (including where payments are made on death or disability, which payments result in the termination of the life policy), (ii) the surrender in whole or in part of the rights conferred by the life policy (including where payments are made on death or disability, which payments do not result in the termination of the life policy), (iii) the assignment in whole or in part, of those rights, (iv) the ending of a relevant period, where such ending is not otherwise a chargeable event within the meaning of this section, and for the purposes of this subparagraph 'relevant period', in relation to a life policy, means a period of 8 years beginning with the inception of the policy and each subsequent period of 8 years beginning immediately after the preceding relevant period,
and
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