Commentary on Sections Structure of Chapters Overview Section 492: The total benefit value of a policy or contract
1944.This section is based on sections 541, 543, 545 and 548 of ICTA, and section 79(3) of FA 1997.
1945.The “total benefit value” of a policy or contract consists of the value of the policy or contract in relation to the event (paragraph (a)) added to capital sums (or benefits or amounts treated as such) derived from the policy or contract prior to the chargeable event itself (paragraph (b)).
1946.Subsection (2) makes clear that capital amounts derived from a related policy are brought in for this purpose.