703-150 Gains on life insurance policies, etc. (prior to 31 March 2008)
For accounting periods beginning on or after 1 April 2008, investment life insurance contracts held by companies, but not insurance companies, are taxable under the loan relationship rules (FA 2008, Sch. 13, see ¶718-070). Where the following paragraphs apply to investment life insurance contracts held by companies, they do so only in respect of accounting periods beginning on or before 31 March 2008.