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Chargeable event
Practical Law UK Glossary 5-384-0817 (Approx. 3 pages)
Glossary
Chargeable event
An event in relation to a life insurance policy, life annuity contract or capital redemption policy that gives rise to a gain chargeable to income tax (chargeable event gain) under Chapter 9 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005). Chargeable events include:
- The surrender of all rights under a policy or contract.
- The assignment of all the rights for money or money's worth.
- A death giving rise to benefits under a life insurance policy or to payment of a capital sum under a life annuity contract.
- The maturity of a life insurance or capital redemption policy.
(Section 484, ITTOIA 2005.)
For more information, see:
- Robert Maas, Anti-Avoidance Provisions (Bloomsbury Professional), Chapter 11: Transactions involving Life Assurance.