Practical Law UK Glossary 5-384-0817 (Approx. 3 pages)
Glossary
Chargeable event
An event in relation to a life insurance policy, life annuity contract or capital redemption policy that gives rise to a gain chargeable to income tax (chargeable event gain) under Chapter 9 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005). Chargeable events include:
The surrender of all rights under a policy or contract.
The assignment of all the rights for money or money's worth.
A death giving rise to benefits under a life insurance policy or to payment of a capital sum under a life annuity contract.
The maturity of a life insurance or capital redemption policy.