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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 total amount of personal portfolio bond excesses

Section 523 | The total amount of personal portfolio bond excesses

From legislation.gov.uk

(1)To calculate the total amount of personal portfolio bond excesses—Step 1Apply the calculation in section 522 in relation to the policy or contract as at the end of each previous insurance year during its existence in succession starting with the first such year.Step 2Determine whether in each case the calculation produces a gain and, if so, its amount.Step 3Add together all the amounts produced by step 2.

(2)But if there is no previous insurance year during the existence of the policy or contract, the total amount of personal portfolio bond excesses is nil.

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