These rules apply in cases of complete surrenders, complete assignments, sums paid in which exhaust rights to share in profits, death, maturity or capital sums paid as an alternative to an annuity, (events 1.–3. and 7.–10.; see ¶343-500).
The gain is the excess of the ‘total benefit value’ of the policy or contract (see ¶344-040), over the sum of:
•the total allowable deductions (see ¶344-060); and
•the total of previous gains treated as arising in relation to the policy or contract or a related policy etc. as a result of events 4., 5. or 6. (see ¶342-500)