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Legislation
Income Tax (Trading and Other Income) Act 2005

Crossheading Personal portfolio bonds

  • Section 515 Requirement for annual calculations in relation to personal portfolio bonds 9
  • Section 516 Meaning of “personal portfolio bond”
  • Section 517 Policies and contracts which are not personal portfolio bonds
  • Section 518 The index categories
  • Section 519 The index selection conditions
  • Section 520 The property categories
  • Section 521 The property selection conditions
  • Section 522 Method for making annual calculations under section 515
  • Section 523 The total amount of personal portfolio bond excesses
  • Section 524 The total amount of part surrender gains
  • Section 525 Chargeable events where annual calculations show gains
  • Section 526 Power to make regulations about personal portfolio bonds
  1. Personal portfolio bonds
  2. The index selection conditions

Section 519 | The index selection conditions

From legislation.gov.uk

(1)The index selection conditions are—

(a)the general selection condition (see subsection (2)), and

(b)the class selection condition (see subsection (3)).

(2)An index meets the general selection condition if, at the time when it may be selected, the opportunity to select the same index is available to—

(a)all policy holders of the insurance company, or

(b)persons acting on behalf of those policy holders.

(3)An index meets the class selection condition if, at the time when it may be selected, the opportunity to select the same index is available to—

(a)a particular class or classes of policy holders of the insurance company, or

(b)persons acting on behalf of the members of that class or those classes.

(4)A group of policy holders to whom the opportunity to select an index is available is a “class” for the purposes of subsection (3) if—

(a)neither membership of the class nor the opportunity are limited to connected persons,

(b)the question whether a policy holder is a member of the class, or has the opportunity, is determined solely by the insurance company, and

(c)the opportunity is clearly identified in marketing or other promotional material published by the insurance company to members of the public, or members of the public who are intending investors, as available generally to any person falling within its terms.

(5)In this section—

“holder” has the meaning given by section 516(5), and

“policy holder” includes a holder of a life annuity contract.

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