595. Life assurance policy or deferred annuity contract entered into or acquired by company.

(1)

(a) In this section -

"relevant disposal" means a disposal of or an interest in the rights under any relevant policy, other than -

(i) a disposal by a person who is not the original beneficial owner of those rights and who acquired them or an interest in them for a consideration in money or money's worth, or

(ii) a disposal resulting directly from the death, disablement or disease of a person, or one of a class of persons, specified in the terms of the policy;

"relevant gain" means a chargeable gain arising on a relevant disposal;

"relevant policy" means a policy of life assurance or a contract for a deferred annuity on the life of a person, entered into or acquired by a company on or after 11 April 1994, which is not -

(a) a policy to which section 594 applies, or

(b) new basis business within the meaning of section 730A (inserted by the Finance Act, 2000).

(b)

(i) For the purposes of this section, a policy of assurance or a contract for a deferred annuity on the life of any perso

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