Related Commentary  

561(1)  In this Chapter “investment life insurance contract” means–

(a)a policy of life insurance which has, or is capable of acquiring, a surrender value,

(b)a contract for a purchased life annuity, or

(c)a capital redemption policy,

other than a relevant excluded contract.

561(2)  In subsection (1)–

“capital redemption policy” means a contract made in the course of capital redemption business (as defined in section 56(3) of FA 2012),

“purchased life annuity” means an annuity–

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