# Income Tax (Trading and Other Income) Act 2005, Section 478: Exclusion of mortgage repayment policies


(1) This Chapter does not apply to a mortgage repayment policy.
(2) In this section “mortgage repayment policy” means a policy of life insurance with the sole object of providing, on an individual's death or disability, a sum substantially the same as any amount then outstanding under a repayment mortgage—
(a) of the individual's residence, or
(b) of any premises occupied by the individual for the purposes of a business.
(3) In this section “repayment mortgage” means a mortgage securing a principal amount which is repayable by instalments payable annually or at shorter regular intervals.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/478 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-478
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.