# Income Tax (Trading and Other Income) Act 2005, Section 462: When gains arise from policies and contracts


(1) For the purposes of this Chapter, a gain from a policy or contract arises when a chargeable event occurs in relation to the policy or contract (see section 484).
(2) But certain chargeable events are only treated as occurring because a calculation required to be made as at a particular time shows that the gain has arisen.
(3) See, in particular—
(a) section 509(1) (under which a chargeable event is treated as occurring where a periodic calculation following a part surrender or assignment shows a gain),
(b) section 514(1) (under which a part surrender or assignment is treated as a chargeable event where a calculation related to it shows a gain), and
(c) section 525(2) (under which a chargeable event is treated as occurring where an annual personal portfolio bond calculation shows a gain).

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/462 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-462
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.