Section 466 Person liable: personal representatives

Personal representatives are liable for tax under this Chapter if the rights under the policy or contract are held by them and the condition in subsection (2) is met (and accordingly the gain is treated for income tax purposes as income of the personal representatives in that capacity).

The condition is that if an individual were liable for tax on a gain in respect of the policy or contract, section 530(1) (individual treated as having paid tax at F1the savings basic rate) would be disapplied as a result of—

For cases where the condition in subsection (2) is not met, see section 664 of this Act and F2section 947 of CTA 2009 (under which the gain is treated as part of the aggregate income of the estate for the purposes of Chapter 6 of Part 5 of this Act and Chapter 3 of Part 10 of CTA 2009 respectively).