Section 484 | When chargeable events occur

(1)The following are chargeable events—

(a)in the case of any kind of policy or contract—

(i)the surrender of all rights under the policy or contract,

(ii)the assignment of all those rights for money or money's worth,

(iii)the falling due of a sum payable as a result of a right under a policy or contract to participate in profits, if there are no remaining rights under it,

(iv)a chargeable event treated as occurring under section 509(1) (chargeable events in certain cases where periodic calculations show gains),

(v)a surrender or assignment treated as a chargeable event under section 514(1) (chargeable events where transaction-related calculations show gains), and

(vi)a chargeable event treated as occurring under section 525(2) (chargeable events where annual personal portfolio bond calculations show gains),

(b)in the case of a policy of life insurance, a death giving rise to benefits under it,

(c)in the case of a policy of life insurance or a capital redemption policy, its maturity,

(d)in the case of a contract for a life annuity which provides for the payment of a capital sum on death, the death, and

(e)in the case of a contract for a life annuity which provides for a capital sum to be taken as a complete alternative to the annuity payments (or any further annuity payments), taking the capital sum.

(2)Subsection (1) is subject to—

section 485 (disregard of certain events in relation to qualifying policies),

section 486 (exclusion of maturity of capital redemption policies in certain circumstances),

section 487 (disregard of certain assignments), and

section 488 (disregard of certain events following alterations of life insurance policy terms).

(3)See also section 490 (last payment under guaranteed income bonds etc. treated as total surrender).