Section 470 Interests in rights under a policy or contract for section 469

(1)

This section sets out the circumstances in which a person has a material interest in the rights under a policy or contract for the purposes of section 469.

(2)

An individual has such an interest if—

(a)

the individual beneficially owns a share in the rights,

(b)

a share in them is held on non-charitable trusts which the individual created, or

(c)

a share in them is held as security for the individual's debt.

(3)

A company has such an interest if—

(a)

the company beneficially owns a share in the rights,

(b)

a share in them is held on non-charitable trusts which the company created, or

(c)

a share in them is held as security for the company's debt.

(4)

Personal representatives have such an interest if they hold a share in the rights.

(5)

Trustees of a charitable trust have such an interest if a share in the rights—

(a)

is held by them, or

(b)

is held as security for a debt owed by them.

(6)

Trustees of a non-charitable trust have such an interest if—

(a)

a share in the rights is held by the trustees and one of the absent settlor conditions specified in section 467(4) is met,

(b)

a share in the rights is held by them, none of those conditions is met and no individual, company or personal representatives have an interest in the share, or

(c)

a share in them is held as security for a debt owed by the trustees.

(7)

A foreign institution has such an interest if—

(a)

the institution beneficially owns a share in the rights,

(b)

the rights are held for the institution's purposes, or

(c)

a share in them is held as security for the institution's debt.

Notes on Chapter 9

Modifications

C1: Pt. 4 Ch. 9 applied (with modifications) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), reg. 36 (as added by S.I. 1998/3174, reg. 12 and as amended (6.4.2008) by S.I. 2008/704, regs. 1, 17(4))
C2: Pt. 4 Ch. 9 applied (with modifications) by The Child Trust Funds Regulations 2004 (S.I. 2004/1450), reg. 38 (as amended (6.4.2010) by S.I. 2010/582, regs. 1, 18)
C3: Pt. 4 Ch. 9: power to exclude conferred (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 61(4) (with s. 147, Sch. 17)