IPTM3590 - Calculating gains: part surrenders and part assignments: 바카라 사이트˜transaction-related calculations바카라 사이트™: 바카라 사이트˜final insurance year바카라 사이트™: special rules

The special rules apply if:

  • a transaction-related calculation, see IPTM3585, is made for a 바카라 사이트˜relevant transaction바카라 사이트™ in the final insurance year, and
  • the total transaction value for the transaction exceeds the gains limit, and this has not previously occurred for an earlier transaction in the final insurance year on the same policy or contract.

There are examples of transaction-related calculations for the final year at IPTM7640 and IPTM7645.

Total transaction value

This is the transaction value - see IPTM3585 - for the transaction in question plus any transaction values for any 바카라 사이트˜relevant transactions바카라 사이트™ occurring earlier in the final insurance year on the same policy or contract.

Gains limit

This is the amount of the gain that would have been treated as arising on the chargeable event that ends the final insurance year (that is, for life policies, on maturity, surrender or death giving rise to benefits), if the transaction-related calculation rules did not apply.

The effect of the gains limit in the transaction-related calculation is:

  • to limit the total transaction value to the gains limit for any transaction that would otherwise exceed the limit
  • to prevent any further transaction-related calculations on any subsequent transactions.