Section 520 | The property categories

(1)The table in subsection (2) sets out the categories of property referred to in section 517(2).

(2)This is the table—^F1F2F3F4

(3)A policy or contract is “excluded” if—

(a)the policy or contract is itself a personal portfolio bond,

(b)the value of any benefits under the policy or contract is or has at any time been capable of being determined directly or indirectly by reference to a personal portfolio bond, or

(c)a personal portfolio bond is related property in relation to the policy or contract.

(4)In this section—^{F5F6F7F8F9F10}

“authorised contractual scheme” means a contractual scheme (within the meaning given by section 235A(1) of FISMA 2000) which is authorised for the purposes of FISMA 2000 by an authorisation order in force under section 261D(1) of that Act,

“cash”—

(a)includes any sum which is deposited—

(i)in a building society account (including a share account) or similar account, or

(ii)in a bank account or similar account, but

(b)does not include cash which is acquired wholly or partly for the purpose of realising a gain from its disposal,

“collective investment scheme” has the meaning given by section 235 of FISMA 2000, and “interest”, in relation to such a scheme, means the beneficial entitlement of a participant in such a scheme,

“internal linked fund” has the meaning given by—

(a)the Interim Prudential Sourcebook for Insurers made by the Prudential Regulation Authority under FISMA 2000, or

(b)rules made by the “Prudential Regulation Authority under FISMA 2000 and having effect for the time being in place of the Sourcebook,

“investment trust” has the meaning given by section 1158 of CTA 2010,

“open-ended investment company” has the meaning given by section 236 of FISMA 2000, and

overseas equivalent”, in relation to an investment trust or a UK REIT, means a company—

((a))which is resident in a territory outside the United Kingdom in accordance with the law of that territory relating to taxation, and

((b))which is, under the law of that territory, the equivalent of an investment trust or a UK REIT (respectively),

“related property” has the same meaning as in section 625 (see subsection (5)),

“Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of F(No.2)A 2024,

“UK REIT” has the same meaning as in Part 12 of CTA 2010 (see section 518(4)).

(5)The Treasury may by regulations—^F5F11

(a)amend the table in subsection (2) by adding, removing or amending a category of property;^F5F11

(b)add, remove or amend a definition relating to any category of property in that table; and^F5F11

(c)make consequential amendments.^F5F11

(6)A statutory instrument containing regulations under this section which have the effect of removing a category of property from the table in subsection (2)—^F5F11

(a)must be laid before the House of Commons; and^F5F11

(b)ceases to have effect at the end of the period of 28 days beginning with the day on which it was made, unless it is approved during that period by a resolution of the House of Commons.^F5F11

(7)In reckoning the period of 28 days, no account is to be taken of any time during which Parliament is dissolved or prorogued, or during which the House of Commons is adjourned for more than four days.^F5F11