IPTM3400 - When events occur: general
Events are defined in detail at ITTOIA05/S484 as follows.
Types of chargeable events that can arise
A chargeable event is
- the surrender of all rights under a policy or contract
- the assignment for value in money or money바카라 사이트™s worth of all the rights under a policy or contract
- the maturity of a life insurance or capital redemption policy
- a death giving rise to benefits on a life insurance policy, or payment of a capital sum on a life annuity where the annuity was made on or after 10 December 1974
- an 바카라 사이트˜excess event바카라 사이트™ where 바카라 사이트˜periodic calculations바카라 사이트™ show gains, see IPTM3560
- a 바카라 사이트˜part surrender or assignment event바카라 사이트™ where transaction-related calculations show gains, see IPTM3580
- a 바카라 사이트˜personal portfolio bond event바카라 사이트™ where annual personal portfolio bond calculations show gains, see IPTM3600
- for life annuity contracts only, the taking of a capital sum as a complete alternative to the, or further, annuity payments.
The different types of event are explained at IPTM3555.
In certain circumstances, when a loan is made in connection with a life assurance policy it is treated as a partial surrender and so a chargeable event - see IPTM3545.
An assignment not for value (or 바카라 사이트˜money or money바카라 사이트™s worth바카라 사이트™), for instance an assignment by way of gift, is not a chargeable event.
Certain exceptions are set out at IPTM3410, notably in relation to qualifying policies.
Guaranteed income bonds
바카라 사이트˜Income payments바카라 사이트™ under a guaranteed income bond are treated as part surrenders of rights, unless the payment is the final benefit paid under the contract in which case it is treated as arising from a full surrender - see IPTM3550.