IPTM3430 | When events occur: disregard of certain assignments
From HM Revenue & Customs · Insurance Policyholder Taxation Manual
An assignment of rights, or of a share in rights, under a policy or contract is ignored if it is
between spouses or civil partners living together
by way of security for a debt, for instance to a lending bank
on the discharge of a debt secured by the rights or share, for instance reassignment by the bank when the loan is paid off.
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