International Trusts Order, 2000 · s 23

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s 23Application of insurance money where policy kept up under trust, power or obligation

Money receivable by trustees or any beneficiary under a policy of insurance shall, where the policy has been kept up under any trust in that behalf or under any power statutory or other or in performance of any covenant or of any obligation statutory or other, be capital money for the purposes of the trust unless and to the extent that the money received makes good any loss suffered having the characteristics of income.