Calculation of gains: full surrender, maturity, death or whole assignment
The chargeable event gain on a full surrender, maturity, death or whole assignment formoney or moneys worth and, on life annuities, the taking of a capital sum as acomplete alternative to annuity payments is calculated as TB TD PG, where
- TB is the total benefit value of the policy or contract
- TD is the total allowable deductions, and
- PG is the total of gains arising on calculation events before the current event.
These terms are explained at IPTM3510.
|Further reference and feedback||IPTM1013|