Section 544 | Application of Chapter to policies and contracts in which companies interested

(1)This section applies where, for the purposes of determining the application of this Chapter in relation to a policy or contract at any time, it is necessary to have regard to its application at another time.

(2)It makes no difference to the application of this Chapter at that other time whether liability in respect of a gain arising at that time would have arisen or (as the case may be) would arise because of the application of this Chapter or the corporation tax provisions.

(3)In subsection (2) “the corporation tax provisions” means—

(a)Chapter 2 of Part 13 of ICTA (which makes provision for corporation tax purposes corresponding to that made by this Chapter),

(b)paragraph 20 of Schedule 15 to that Act (replacement of qualifying policies), and

(c)section 79 of FA 1997 (payments under certain life insurance policies).