IHTM20000 - Life Policies: Contents

Introduction to life policies

1. IHTM20011

   Introduction to life policies: What is a life policy?
2. IHTM20012

   Introduction to life policies: Life policies and Inheritance Tax

Investigating Form IHT410

1. IHTM20021

   Investigating Form IHT410: Introduction to form IHT410
2. IHTM20022

   Investigating Form IHT410: If the answer to Question 1 is Yes
3. IHTM20023

   Investigating Form IHT410: If the answer to Question 3 is Yes
4. IHTM20024

   Investigating Form IHT410: If the answer to Question 4 is Yes
5. IHTM20025

   Investigating Form IHT410: If the answer to Question 7 is Yes
6. IHTM20026

   Investigating Form IHT410: If the answer to Question 10 is Yes
7. IHTM20027

   Investigating Form IHT410: Procedure if the answer to Question 10 is Yes
8. IHTM20028

   Investigating Form IHT410: If the answer to Question 12 is Yes
9. IHTM20029

   Investigating Form IHT410: If the answer to Question 14 is Yes

Investigating Form IHT403

1. IHTM20041

   Investigating Form IHT403: Introduction
2. IHTM20042

   Investigating Form IHT403: Gift of an existing life policy
3. IHTM20043

   Investigating Form IHT403: Procedure for a gift of an existing life policy
4. IHTM20044

   Investigating Form IHT403: Payment of premiums on a life policy for the benefit of someone else
5. IHTM20045

   Investigating Form IHT403: Payment of premiums on a life policy for the benefit of someone else - procedure
6. IHTM20046

   Investigating Form IHT403: Assignment of the right to a lump sum due under an annuity contract

Particular situations to look out for

1. IHTM20061

   Particular situations to look out for: Foundation Insurance (Capital Redemptions) Ltd
2. IHTM20062

   Particular situations to look out for: Midland Life (or HSBC) Cluster Trusts

Definitions

1. IHTM20081

   Definitions: 'Assured' and 'life assured'
2. IHTM20082

   Definitions: 'Premium'
3. IHTM20083

   Definitions: 'Surrender value' and 'open market value'
4. IHTM20084

   Definitions: 'Claim value'
5. IHTM20085

   Definitions: 'Insurable interest'
6. IHTM20086

   Definitions: 'Sum assured'
7. IHTM20087

   Definitions: 'Back-to-back' policies
8. IHTM20088

   Definitions: 'Mortgage protection policies' and 'mortgage indemnity guarantees'

Types of policy

1. IHTM20101

   Types of policy: Whole life policy
2. IHTM20102

   Types of policy: Term, term assurance or temporary policy
3. IHTM20103

   Types of policy: Pure endowment policy
4. IHTM20104

   Types of policy: Endowment policy or endowment assurance
5. IHTM20105

   Types of policy: With-profits policy
6. IHTM20106

   Types of policy: Unit-linked policy
7. IHTM20107

   Types of policy: Alternative benefits policy

Trusts of life policies

1. IHTM20141

   Trusts of life policies: Introduction

Trusts of life policies: Policy settled on its own trusts

1. IHTM20151

   Trusts of life policies: Policy settled on its own trusts: Express life interest in favour of settlor
2. IHTM20152

   Trusts of life policies: Policy settled on its own trusts: Conditions required for policy to be comprised in a settlement
3. IHTM20153

   Trusts of life policies: Policy settled on its own trusts: Life interest in favour of a beneficiary other than the settlor
4. IHTM20154

   Trusts of life policies: Policy settled on its own trusts: Examples - England, Wales and Northern Ireland
5. IHTM20155

   Trusts of life policies: Policy settled on its own trusts: Examples - Scotland

Trusts of life policies: Policy settled on other trusts

1. IHTM20160

   Trusts of life policies: Policy settled on other trusts

Trusts of life policies: General power over policy proceeds

1. IHTM20170

   Trusts of life policies: General power over policy proceeds

Trusts of life policies: Married Women's Property Act policies

1. IHTM20181

   Trusts of life policies: Married Women's Property Act policies: Introduction
2. IHTM20182

   Trusts of life policies: Married Women's Property Act policies: Proper law
3. IHTM20183

   Trusts of life policies: Married Women's Property Act policies: The rule in Phipps v Ackers
4. IHTM20184

   Trusts of life policies: Married Women's Property Act policies: Trustees' remuneration
5. IHTM20185

   Trusts of life policies: Married Women's Property Act policies: No trustee appointed

Policies on the deceased's life not connected with any other transaction (except a trust)

1. IHTM20201

   Policies on the deceased's life not connected with any other transaction (except a trust): Introduction
2. IHTM20202

   Policies on the deceased's life not connected with any other transaction (except a trust): Contracts of life insurance in existence prior to 22 March 2006

Policies on the deceased's life not connected with any other transaction (except a trust): Policy unconnected with a gift or trust

1. IHTM20211

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy unconnected with a gift or trust: Introduction
2. IHTM20212

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy unconnected with a gift or trust: Possible discount
3. IHTM20213

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy unconnected with a gift or trust: Policies with Independent Order of Foresters, Homeowners Friendly Society, Family Assurance Friendly Society and simil

Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected by the deceased for their own benefit but gifted later

1. IHTM20221

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected by the deceased for their own benefit but gifted later: Introduction
2. IHTM20231

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected by the deceased for their own benefit but gifted later: Value of policy - general rule
3. IHTM20241

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected by the deceased for their own benefit but gifted later: Value of policy - special rule - introduction
4. IHTM20242

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected by the deceased for their own benefit but gifted later: Value of policy - special rule - exclusions from special rule
5. IHTM20243

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected by the deceased for their own benefit but gifted later: Value of policy - special rule - term assurance policies excluded from special rule
6. IHTM20244

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected by the deceased for their own benefit but gifted later: Value of policy - special rule - modification of special rule for unit-linked policies

Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected for the benefit of someone else from the start

1. IHTM20251

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected for the benefit of someone else from the start: Introduction
2. IHTM20252

   Policies on the deceased's life not connected with any other transaction (except a trust): Policy effected for the benefit of someone else from the start: Policy contains option to surrender bonuses to the transferor

Joint life and joint name policies

1. IHTM20300

   Joint life and joint name policies: Policies in joint names
2. IHTM20301

   Joint life and joint name policies: Introduction
3. IHTM20302

   Joint life and joint name policies: Ascertaining the beneficial interests
4. IHTM20303

   Joint life and joint name policies: The situations that can arise and the Inheritance Tax claims that can result
5. IHTM20304

   Joint life and joint name policies: Joint mortgage protection policies

Potentially Exempt Transfer treatment for renewal premiums

1. IHTM20331

   Potentially Exempt Transfer treatment for renewal premiums: Payment of premiums for policies in accumulation and maintenance or trusts for disabled persons
2. IHTM20332

   Potentially Exempt Transfer treatment for renewal premiums: Payment of premiums for policies gifted to individuals

Policies based on the life of another not connected with any other transaction (except a trust)

1. IHTM20351

   Policies based on the life of another not connected with any other transaction (except a trust): Introduction
2. IHTM20352

   Policies based on the life of another not connected with any other transaction (except a trust): Procedure

Life policy linked with an annuity

1. IHTM20371

   Life policy linked with an annuity: Introduction and background
2. IHTM20372

   Life policy linked with an annuity: What to do first
3. IHTM20373

   Life policy linked with an annuity: What to do when the Actuarial Team's advice is received
4. IHTM20374

   Life policy linked with an annuity: The current statutory position
5. IHTM20375

   Life policy linked with an annuity: The Associated Operations test
6. IHTM20376

   Life policy linked with an annuity: Annuity and policy issued by different companies
7. IHTM20377

   Life policy linked with an annuity: Deferred annuity contract

Pure Endowment policy linked with a Term Assurance policy

1. IHTM20401

   Pure Endowment policy linked with a Term Assurance policy: Introduction
2. IHTM20402

   Differences between PETA and Discounted Gift schemes
3. IHTM20410

   PETA schemes

Discounted Gift Schemes

1. IHTM20421

   Discounted Gift Schemes: Introduction
2. IHTM20422

   Discounted Gift Schemes: What to do
3. IHTM20423

   Discounted Gift Schemes: List of Companies and Scheme names
4. IHTM20424

   Discounted Gift Schemes: Basic scheme
5. IHTM20425

   Discounted Gift Schemes: Quantifying the Inheritance Tax claim
6. IHTM20426

   Discounted Gift Schemes: Factors affecting the open market value of the retained rights
7. IHTM20427

   Discounted Gift Schemes: Where the transferor’s life was uninsurable at the transfer date

Capital Conversion or Flexible Funding plans

1. IHTM20450

   Capital Conversion or Flexible Funding plans

Life Policy linked with a loan and Inheritance Trusts

1. IHTM20501

   Life Policy linked with a loan and Inheritance Trusts: Introduction
2. IHTM20502

   Life Policy linked with a loan and Inheritance Trusts: What to do
3. IHTM20503

   Life Policy linked with a loan and Inheritance Trusts: Procedure

Life Policy linked with a loan and Inheritance Trusts: Original scheme

1. IHTM20511

   Life Policy linked with a loan and Inheritance Trusts: Original scheme: How the original scheme typically worked
2. IHTM20512

   Life Policy linked with a loan and Inheritance Trusts: Original scheme: Legislation designed to counteract scheme
3. IHTM20513

   Life Policy linked with a loan and Inheritance Trusts: Original scheme: Revised scheme following legislative changes

Life Policy linked with a loan and Inheritance Trusts: Reverse Loan scheme

1. IHTM20521

   Life Policy linked with a loan and Inheritance Trusts: Reverse Loan scheme: How the reverse loan scheme typically worked
2. IHTM20522

   Life Policy linked with a loan and Inheritance Trusts: Reverse Loan scheme: Legislation designed to counteract reverse loan scheme

Split or Retained Interest Trusts

1. IHTM20551

   Split or Retained Interest Trusts: Introduction
2. IHTM20552

   Split or Retained Interest Trusts: single lump sum investments
3. IHTM20553

   Split or Retained Interest Trusts: single lump sum investments: further details
4. IHTM20554

   Split or retained interest trusts: single lump sum investments: what to do
5. IHTM20555

   Split or retained interest trusts: regular premium arrangements
6. IHTM20556

   Split or retained interest trusts: regular premium arrangements: further information
7. IHTM20557

   Split or retained interest trusts: regular premium arrangements: what to do

Flexible Reversionary Trusts

1. IHTM20561

   Flexible Reversionary Trusts: Introduction
2. IHTM20562

   Flexible Reversionary Trusts: further details
3. IHTM20563

   Flexible Reversionary Trusts: what to do

Policies with Countrywide (formerly Premium Life) Assurance Company

1. IHTM20601

   Policies with Countrywide (formerly Premium Life) Assurance Company: Introduction
2. IHTM20602

   Policies with Countrywide (formerly Premium Life) Assurance Company: What action to take
3. IHTM20603

   Policies with Countrywide (formerly Premium Life) Assurance Company: How to identify the two schemes

Policies with Canadian insurance companies

1. IHTM20611

   Policies with Canadian insurance companies: Introduction
2. IHTM20612

   Policies with Canadian insurance companies: The companies concerned
3. IHTM20613

   Policies with Canadian insurance companies: Governing law

Annuities payable to deceased/transferor by insurance companies

1. IHTM20631

   Annuities payable to deceased/transferor by insurance companies: Introduction
2. IHTM20632

   Annuities payable to deceased/transferor by insurance companies: Purchased life annuities - types and potential claims
3. IHTM20633

   Annuities payable to deceased/transferor by insurance companies: Annuities ceasing on the death
4. IHTM20634

   Annuities payable to deceased/transferor by insurance companies: Annuities which continue after the death
5. IHTM20635

   Annuities payable to deceased/transferor by insurance companies: Annuities purchased in joint names

Technical note on discounted gift schemes issued on 1 May 2007

1. IHTM20650

   Technical note on discounted gift schemes issued on 1 May 2007: Introduction
2. IHTM20651

   Technical note on discounted gift schemes issued on 1 May 2007: Background
3. IHTM20652

   Technical note on discounted gift schemes issued on 1 May 2007: Inheritance Tax treatment
4. IHTM20653

   Technical note on discounted gift schemes issued on 1 May 2007: Valuation issues
5. IHTM20654

   Technical note on discounted gift schemes issued on 1 May 2007: Position where there are joint settlors
6. IHTM20655

   Technical note on discounted gift schemes issued on 1 May 2007: Underwriting approach
7. IHTM20656

   Technical note on discounted gift schemes issued on 1 May 2007: HMRC's current basis of valuation