IPTM7505 - Calculation of gains: general
IPTM7300 onwards describes the various circumstances where a chargeable event can arise. Unless the insurer is satisfied that no gain arises by reason of the event, the insurer is required to report various details about the event and gain to the policyholder and, depending on the event or size of gain, possibly also to HMRC as described in onwards.
The insurer is required to report the gain on all chargeable events except whole assignments for money or money바카라 사이트™s worth. How a chargeable event gain is calculated depends on the nature of the event. For the purposes of calculating gains on chargeable events, it is convenient to think of the categories of events listed in IPTM7305 as comprising two groups, namely one made of바카라 사이트˜calculation events바카라 사이트™ and the other of all the other chargeable events.
Calculation events
Calculation events are chargeable events that only arise if certain calculations show gains. They are
- 바카라 사이트˜excess events바카라 사이트™
- 바카라 사이트˜part surrender or assignment events바카라 사이트™
- 바카라 사이트˜personal portfolio bond events바카라 사이트™.
These terms are explained at IPTM3555.
Other events: full surrender, maturity, death or whole assignment
The remaining chargeable events can, broadly speaking, be thought of as all those where all the rights under the policy or contract are given up in some way. They include full surrender, maturity, whole assignments for money or money바카라 사이트™s worth, death and, on life annuities, the taking of a capital sum as a complete alternative to annuity payments.