{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-470",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-470.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/470",
  "kind": "section",
  "number": "470",
  "heading": "Interests in rights under a policy or contract for section 469",
  "text": "(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.\n(2) An individual has such an interest if—\n(a) the individual beneficially owns a share in the rights,\n(b) a share in them is held on non-charitable trusts which the individual created, or\n(c) a share in them is held as security for the individual's debt.\n(3) A company has such an interest if—\n(a) the company beneficially owns a share in the rights,\n(b) a share in them is held on non-charitable trusts which the company created, or\n(c) a share in them is held as security for the company's debt.\n(4) Personal representatives have such an interest if they hold a share in the rights.\n(5) Trustees of a charitable trust have such an interest if a share in the rights—\n(a) is held by them, or\n(b) is held as security for a debt owed by them.\n(6) Trustees of a non-charitable trust have such an interest if—\n(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,\n(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\n(c) a share in them is held as security for a debt owed by the trustees.\n(7) A foreign institution has such an interest if—\n(a) the institution beneficially owns a share in the rights,\n(b) the rights are held for the institution's purposes, or\n(c) a share in them is held as security for the institution's debt.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/470",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}