Hi, Ref: CMP, Ch5, pp.6,7 On page six, the timescale condition says "on surrender...within 10 years or three-quarters of the term if less..." Give the solution to 5.1 in which tax is payable after 6 years but not 8 years (out of a term of 10), should this be if it is "...within 10 years and three-quarters of the term if less...", which would then suggest that if you are 11 years into a 20 year term, you do not have to pay tax, because you have exceeded 10 years in force.
The phrase means "... within 10 years, or within three-quarters of the term if three-quarters of the term is less than 10 years".
