(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).
(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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