# Income Tax (Trading and Other Income) Act 2005, 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.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/470 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-470
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.