|
|
When interest in assurance policy becomes interest in possession.
|
32.—(1) For the purposes of this Act, an interest in a policy of assurance upon human life shall be deemed to become an interest in possession when and only when, either—
|
|
| |
(a) the policy matures; or
|
|
| |
(b) prior to the maturing of the policy, the policy is surrendered to the insurer for a consideration in money or money's worth:
|
|
| |
Provided that if, during the currency of the policy, the insurer makes a payment of money or money's worth, in full or partial discharge of the policy, the interest shall be deemed to have come into possession to the extent of such payment.
|
|
| |
(2) This section shall have effect in relation to a contract for a deferred annuity, and for the purposes of this section such a contract shall be deemed to mature on the date when the first instalment of the annuity falls due.
|
