»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp general regime for charging gains on life insurance policies, life annuity contracts and capital redemption policies, referred to as the chargeable event regime, postpones the tax on underlying economic gains until the policy or contract comes to an end.

»Ê¹ÚÌåÓýapp personal portfolio bond (PPB) rules are anti-avoidance provisions aimed at preventing the placement of personal assets within the chargeable event regime to benefit from postponement of tax. »Ê¹ÚÌåÓýapp rules apply where the property that determines the benefits under the policy or contract is personal to the holder or beneficiary under the contract in a way that goes beyond the usual choices offered, commonly described as ‘managed fundâ€�, ‘international fundâ€� and similar.

One example of this is a policy where benefits are determined by reference to shares in the policyholder’s private trading company, which he has transferred to the insurer.

»Ê¹ÚÌåÓýapp PPB regime applies an annual charge on the policyholder. »Ê¹ÚÌåÓýapp rules apply to a policy or contract that is a personal portfolio bond at the end of an ‘insurance yearâ€�, unless this is the ‘final insurance yearâ€� â€� these terms are explained at IPTM3505. »Ê¹ÚÌåÓýapp calculation made to determine whether a gain arises and, if so, its amount is in addition to any other calculation required under the chargeable event regime.