This amount varies according to the type of policy.

In the case of a life insurance policy or a life annuity contract, it is the aggregate of:

the total of the premiums on that and any related policy paid before the chargeable event (but see ¶344-080 where commission has been rebated or reinvested);

the amount of any repayment in respect of a loan to the policyholder where that loan was treated as a part-surrender (see ¶343-540), if the event occurs at the end of the final insurance year (see ¶344-160); less,

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