Section 476 Special rules: foreign policies

In the application of this Chapter to foreign policies of life insurance and foreign capital redemption policies, certain special rules apply.

See, in particular—

• section 474(3) to (5) (certain foreign policies treated as not being qualifying policies), F1 and

• F2...

• sections 531 to 534 (under which foreign policies are excepted from section 530 (income tax treated as paid etc.) subject to certain reliefs), F3...

• F4...

In this Chapter—

• “foreign policy of life insurance” means—

  1. (a)

     a policy of life insurance issued by a non-UK resident company, and

  2. (b)

     a policy of life insurance which forms part of the overseas life assurance business of an insurance company or friendly society F5...,

• “foreign capital redemption policy” means—

  1. (a)

     a capital redemption policy issued by a non-UK resident company, and

  2. (b)

     a capital redemption policy which forms part of the overseas life assurance business of an insurance company F6..., and

• “overseas life assurance business” has the F7 meaning given by section 61 of FA 2012.