A chargeable event in relation to a policy or contract within the scope of the regime means any of the following:

1.the complete surrender of all the rights (or all the remaining rights) under the policy/contract;

2.the assignment for money or money’s worth of the whole of those rights;

3.a sum becoming payable under the terms of the policy/contract as a result of a right to participate in profits which exhausts those rights;

4.certain events which are treated as part surrenders and assignments (see ¶343-520) and where a ‘periodic calculation’ (see ¶344-140) produces a gain;

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