IPTM7000 - Chargeable event guidance for insurers: contents
This chapter of the manual is primarily to assist insurance companies, friendly societies and practitioners in complying with the legislative requirements to report chargeable events and gains on UK policies to the policyholder and HM Revenue & Customs. Individual taxpayers and their representatives seeking guidance on their own affairs should refer initially to the self assessment tax return guidance and helpsheet HS320.
The chargeable event and reporting regime for policies from overseas insurers is very similar to that for UK insurers and much of the guidance in this chapter is also relevant to overseas insurers and their representatives. IPTM9000 onwards gives guidance on the reporting regime for policies from overseas insurers and how it ties in with the guidance in this chapter.
The chargeable event legislation as it applies to individuals, trustees and personal representatives is contained in Chapter 9 of Part 4 of ITTOIA05. Companies, other than life insurance companies, are taxed under the loan relationships legislation on investment life insurance contracts to which they are a party – see IPTM3900 onwards.
The legislation governing reporting requirements of UK insurers is located at ICTA88/S552 and S552ZA, which have been amended slightly to reflect the enactment of ITTOIA05. The qualifying policy rules are found in ICTA88/SCH15.
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IPTM7005Scope of chargeable events legislation: contents
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IPTM7100Reporting duties of UK insurers: contents
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IPTM7300Chargeable events: contents
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IPTM7500Calculation of gains on chargeable events: contents
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IPTM7600Calculation of gains on excess events and part surrender or assignment events: contents
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IPTM7700Personal portfolio bonds: contents