188体育

鈥楥alculation event鈥�

This means an 鈥榚xcess event鈥�, a 鈥榩art surrender or assignment event鈥�, or a 鈥榩ersonal portfolio bond event鈥�.

鈥楨xcess event鈥�

This means a chargeable event where the event is a part surrender or part assignment of rights, and a 鈥榩eriodic calculation鈥� at the end of the 鈥榠nsurance year鈥� has shown a gain. See IPTM3560 and the explanation below.

鈥楶art surrender or assignment event鈥�

This means a chargeable event where the event is a part surrender or part assignment of rights, and a 鈥榯ransaction-related calculation鈥� has shown a gain. See IPTM3580 and the explanation below.

鈥楶ersonal portfolio bond event鈥�

This means a chargeable event where the special rules relating to personal portfolio bonds have shown a gain. See IPTM3600.

鈥楧istinguishing 鈥榚xcess events鈥� and 鈥榩art surrender or assignment events鈥�

The legislation specifically defines a 鈥榩art surrender or assignment event鈥� at ITTOIA05/S514(1). Care is needed not to confuse this definition with the everyday use of the term 鈥榩art surrender鈥�.

If there are solely part surrenders during the insurance year then a 鈥榩art surrender or assignment event鈥� cannot arise. An 鈥榚xcess event鈥� as defined at ITTOIA05/S509(1) will occur provided it is not the final insurance year and the periodic calculation described in ITTOIA05/S507 shows a gain 鈥� see IPTM3560.

A 鈥榩art surrender or assignment event鈥檞ill occur where the 鈥榩eriodic calculation鈥� shows a gain and, during the insurance year, there has been:

• a part assignment for value, or
• both a part surrender and a later assignment or part assignment otherwise than for value.