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Life insurance tax regulations

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The Life Insurance Qualifying Policies (Statement and Reporting Requirements) (Amendment) Regulations, SI 2015/544, come into force on 26 March 2015.

The Life Insurance Qualifying Policies (Statement and Reporting Requirements) (Amendment) Regulations, SI 2015/544, come into force on 26 March 2015. These regulations add a new exception to the requirement for beneficiaries of a qualifying life insurance policy to make a statement to insurers, following certain events, that the annual premium limit has not been exceeded. The new exception will apply where there is an assignment of a paid-up policy and the assignment does not change the tax payable upon maturity of the policy, such as between spouses or civil partners, following a court order, in pursuance of a court order following divorce or dissolution of a civil partnership, into or out of trust and following death of the original beneficiary under the policy.
 

Issue: 1254
Categories: News , Indirect taxes
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