IPTM3610 - Chargeable events: personal
portfolio bonds: meaning: bonds made on or after 17 March 1998
The following definition applies to personal portfolio bonds
made on or after 17 March 1998. The definition for bonds issued
before that date, and not varied on or after 16 July 1988, is given
at
IPTM3620.
A
personal portfolio bond (PPB) is a life insurance
policy, life annuity contract, or capital redemption policy under
whose terms
- some or all of the benefits are determined
by reference to
- fluctuations in, or in an index of, the value of
property of any description, or
- the value of, or the income of, property of any
description
and
- the terms of the policy or contract permit
the selection of the index, or some or all of the property, by
- the holder of the policy or contract
- a person connected with the holder
- the holder and a connected person acting
together
- a person acting on behalf of the holder
- a person acting on behalf of a person connected
with the holder
- a person acting on behalf of the holder and a
person connected with the holder acting together
except where the terms of the policy or contract
only permit the selection of certain narrowly- defined property or
indices, listed in
IPTM3630 and
IPTM3640, to determine the benefits
.
For these purposes
- it does not matter whether the index or
property is specified in the policy or contract
- ‘holder’ includes any holder
if there are two or more.
