# Income Tax (Trading and Other Income) Act 2005, Section 509: Chargeable events in certain cases where periodic calculations show gains


(1) If the calculation in section 507 shows that a gain has arisen as at the end of the insurance year, the gain is treated as arising on the occurrence of a chargeable event at the end of that year, unless condition A, B or C is met.
(2) Subsection (1) is subject to section 485(3) (which restricts the circumstances in which such events occur in relation to qualifying policies).
(3) Condition A is that during the insurance year there has been an assignment for money or money's worth of part of or a share in the rights conferred by the policy or contract.
(4) Condition B is that during the insurance year there has been both—
(a) a surrender of part of or a share in the rights conferred by the policy or contract, and
(b) a later assignment, otherwise than for money or money's worth, of the whole or part of or a share in the rights conferred by the policy or contract.
(5) Condition C is that the insurance year is the final insurance year.
(6) See section 510 (transaction-related calculations in certain part surrender and assignment cases) if one or both of conditions A and B are met.

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/509 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-509
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.