721 Life policies carrying rights not in money

Where any investments or other assets are transferred from a life assurance company to a policyholder, the policyholder’s acquisition of the assets and the disposal of the assets to the policyholder are deemed to be for a consideration equal to the market value of the assets for the purposes of the Capital Gains Tax Acts and for the purposes of computing income in accordance with Case I or Case IV of Schedule D.

Relevant Date: Finance Act 2021