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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2015 - onwards
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730K. Disposal of foreign life policy.

(1) Where on or after 1 January 2001 a person disposes, in whole or in part, of a foreign life policy, and the disposal gives rise to a gain computed in accordance with subsection (2), then, notwithstanding section 594, the amount of the gain shall be treated as an amount of income chargeable to tax under Case IV of Schedule D, and where the person is not a company the rate of income tax to be charged on that income shall, notwithstanding section 15, be -

(a)

(i) subject to paragraph (b), in the case of a foreign life policy which is a personal portfolio life policy, at the rate of 60 per cent, and

(ii) in any other case, at the rate of 41 per cent, and

(b) in the case of a foreign life policy which is a personal portfolio life policy and the details of the disposal are not correctly included in a return made by the person, at the rate of 80 per cent.

(2) The amount of the gain accruing on a disposal referred to in subsection (1) is the amount of the relevant gain (within the meaning o

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