Section 48

(1) This section has effect in respect to any policy of assurance or Life
contract for a deferred annuity on the life of any person. assurance
policies
(2) Chargeable gain shall not accrue on the disposal of an interest in, or
the rights under any such policy of assurance or contract, except where the
person making the disposal is not the initial beneficial owner and acquired the
rights or interests for a consideration in money or money's worth.
(3) Subject to subsection (2), the surrender of a policy of assurance or
the rights under a contract for a deferred annuity shall constitute a disposal of
the rights under the policy of assurance or contract for a deferred annuity, and
the amount of the consideration for the disposal of a contract for a deferred
annuity shall be the higher of the market value and the disposal proceeds.