Computation of PPB gain and person taxable
When PPB gains arise and computation of gain
PPB gains arise on a policy on the final day of an insurance year, see IPTM3505, except on the final insurance year, when no PPB gain can arise. The gain is taxable in the tax year in which the end of the insurance year falls. The first tax year for which a PPB gain can arise is 2000-2001.