Commentary on Sections Structure of Chapters Overview Section 473: Policies and contracts to which Chapter 9 applies: general
1895.This section is based on section 539 of ICTA.
1896.Subsection (2) provides definitions. The definition of a “life annuity” is by reference both to this Act and to ICTA because the policy holder and the person liable (whether the tax charge is to income tax or corporation tax) may not be the same and may not be subject to charges under the same tax. The Chapter does not provide a definition for the more readily understood term “policy of life insurance” (nor is one provided in the source legislation). But section 545 indicates that “policy”, unless the context otherwise requires, means both a policy of life insurance and a capital redemption policy.
1897.See also section 546 (table of provisions subject to special rules for older policies and contracts).