Updates: Insurance Policyholder Taxation Manual
2024
Guidance updated following SI 2024/1289
Deficiency relief: entitlement
Guidance updated for clarity. "Computation of deficiency" section updated and moved to IPTM3870.
Deficiency relief: calculation of deficiency
This page has ben amended to explain how the amount of the deficiency is calculated. For guidance on how to calculate the resulting deficiency relief, see IPTM3880.
Deficiency relief: calculation of deficiency relief
This page now explains how deficiency relief is calculated. It reflects the changes made by SI 2024/1289.
Person liable to charge: death cases
More detail provided on the treatment of gains realised by personal representatives
2023
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Qualifying policies and life assurance premium relief: contents
removing an out of date page
removing an out of date page
Person liable to charge: chargeable event certificates
Replaces the SA phone number and opening times to link to SA Assessment: general enquiries due to temporary closure of SA helpline
Replaces the SA phone number and opening times to link to SA Assessment: general enquiries due to temporary closure of SA helpline
More detail provided on what HMRC considers to be reasonable excuse
More detail provided on what HMRC considers to be reasonable excuse
Person liable to charge: chargeable event certificates
Added information on the possibility of insurers reporting gains in chargeable event spreadsheets. Added a section on reporting gains by policyholders.
Added information on the possibility of insurers reporting gains in chargeable event spreadsheets. Added a section on reporting gains by policyholders.
Rewrite following tribunal case
Rewrite following tribunal case
Top slicing relief: how relief is given
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change following tribunal case
Change following tribunal case
Change following tribunal case
Change following tribunal case
Change following tribunal case
Person liable to charge: non-UK resident trustees and foreign institutions
Amendment to 2nd paragraph to change link from INTN600010 to INTM60000 as this section has had an extensive re-write
Amendment to 2nd paragraph to change link from INTN600010 to INTM60000 as this section has had an extensive re-write
2022
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Overseas insurers: reporting duties of a tax representative: chargeable event certificates for HMRC
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Certificates for HMRC: prescribed format
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Personal portfolio bonds: contents
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Personal portfolio bonds (PPB): requirements for insurers to report PPB gains
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Purchased life annuities: partial exemption scheme: procedure
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Purchased life annuities: partial exemption scheme: procedure relating to part C of form PLA6
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Overseas insurers: restrictions on who may be nominated to be a tax representative
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Overseas insurers: appointment of a tax representative by HMRC
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Overseas insurers: reporting duties of a tax representative: chargeable event certificates for HMRC
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Overseas insurers: cessation of appointment and replacement of a tax representative
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Overseas insurers: release from requirement to appoint a tax representative: other circumstances
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Overseas insurers: reporting duties: policies not denominated in sterling
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Overseas insurers: reporting duties: policies held on trust
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Conversion of a policy to paid-up under the terms of the policy
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Non-contractual conversion of a policy to paid-up
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Certification of qualifying policies: basic requirement
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Friendly society tax exempt policies: introduction and overview
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Friendly society tax exempt policies: premium limits: sole policyholders
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Friendly society tax exempt policies: premium limits: joint policies and assignments of policies
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Friendly society tax exempt policies: qualifying policy rules: minimum capital sums payable
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Friendly society tax exempt policies: qualifying policy rules: substitutions and variations
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Friendly society tax exempt policies: policies made before 1 May 1995
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Friendly society tax exempt policies: policies that are from an 'old' society
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Overseas insurers: introduction to the reporting rules
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Overseas insurers: scope of reporting rules: insurers affected
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Overseas insurers: scope of reporting rules: relevant insurances and gross premiums
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Overseas insurers: relevant insurances: residence of policyholders
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Overseas insurers: appointment of a UK tax representative: requirements and exceptions
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Variations, substitutions and options: introduction
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Significant variation: certain variations not treated as significant: ICTA88/SCH15/PARA18
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Options in policies: qualifying tests: ICTA88/SCH15/PARA19
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Policy review clauses: general principles
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Policy review clauses: advisory premium reviews
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Policy review clauses: mandatory premium reviews
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Policy review clauses: example of advisory and mandatory premium reviews
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Contingent events: death, disability and maturity
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Permitted benefits under a qualifying policy
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Benefits received outside policy and free gifts
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Minimum capital sum assured on death: general rule
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Minimum capital sum assured on death: exceptions to the general rule
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Term and premium paying term: conditions
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Term and premium paying term: date on which policy is made and backdating of policies
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Premium paying term: premium waivers and premium holidays
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Premium spreading tests: main rules: ICTA88/SCH15/PARAS 1(2), (3)(b) and 2(1)(c)
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Premium spreading tests: premiums paid
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Non-payment of premiums: action by insurers and reinstatement of policies: ICTA88/SCH15/PARA20ZA
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Non-payment of premiums: other points
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Exceptional risk of death or disability: ICTA88/SCH15/PARA12
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Combined policies: family income cover and mortgage protection cover: ICTA88/SCH15/PARA9
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Combined policies: tests of whether qualifying: ICTA88/SCH15/PARA9
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Connected policies: ICTA88/SCH15/PARAS 13 and 14
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Variations, substitutions and options: introduction
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Substitutions: circumstances in which they arise
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Substitutions: pre-25 February 1988 policies
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Substitution of a qualifying policy: test of whether the new policy also qualifies
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Significant variation: how and when variations occur
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Significant variations: examples
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Personal portfolio bonds (PPB): permitted indices: ITTOIA05/S518
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Personal portfolio bonds (PPB): selection rules: availability for selection: ITTOIA05/S519 and S521
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Personal portfolio bonds (PPB): selection rules: class of policyholders: ITTOIA05/S519 and S521
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Personal portfolio bonds (PPB): selection rules: example
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Personal portfolio bonds (PPB): policies made before 17 March 1998: general rules
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Personal portfolio bonds: contents
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Personal portfolio bonds (PPB): variations and substitutions
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Personal portfolio bonds (PPB): computation of PPB gain and person taxable: ITTOIA05/S522
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Personal portfolio bonds (PPB): requirements for insurers to report PPB gains
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Personal portfolio bonds: background: ITTOIA05/S515
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Personal portfolio bonds: meaning: bonds made on or after 17 March 1998: ITTOIA05/S516
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Purchased life annuities: introduction
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Purchased life annuities: different types of annuity: guaranteed and temporary annuities
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Purchased life annuities: non-UK insurers: appointment of a tax representative by HMRC
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Purchased life annuities: non-UK insurers: duties of a tax representative
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Personal portfolio bonds (PPB): permitted property and indices: introduction: ITTOIA05/S518 and S520
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Personal portfolio bonds (PPB): permitted property: internal linked funds: ITTOIA05/S520
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Personal portfolio bonds (PPB): permitted property: collective investment schemes: ITTOIA05/S520
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Personal portfolio bonds (PPB): permitted property: cash: definition
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Personal portfolio bonds (PPB): permitted property: cash: held for speculative purposes
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Personal portfolio bonds (PPB): permitted property: cash: insurers' internal currency accounts
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Calculation of gains on group life policies
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Personal portfolio bonds (PPB): permitted property: collective investment schemes: ITTOIA05/S520
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Personal portfolio bonds (PPB): permitted property and indices: introduction: ITTOIA05/S518 and S520
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Personal portfolio bonds (PPB): permitted property: internal linked funds: ITTOIA05/S520
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Part surrenders and assignments: policies and contracts made before 14 March 1975
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Personal portfolio bonds (PPB): introduction
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Personal portfolio bonds (PPB): scope and outline of the PPB legislation
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Personal portfolio bonds (PPB): ability to select property: meaning: ITTOIA05/S516(4)
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Calculation of gains: full surrender, maturity, death or whole assignment
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Calculation of gains: full surrender, maturity, death or whole assignment: related policies
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Full surrender, maturity, death or whole assignment: total deductions: premiums
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Total deductions: premiums: commission arrangements
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Full surrender: example of gain calculation
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Calculation of gains on group life policies
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Calculation of gains on capital redemption policies held by companies
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Chargeable event gains: income tax treated as paid
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Chargeable event gains: number of years for top-slicing relief
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Part surrenders and assignments: periodic calculations: calculation required
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Part surrenders and assignments: periodic calculations: related policies
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Periodic calculations: excess events
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Periodic calculations: example
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Transaction-related calculations: example: part assignments for money or money's worth
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Transaction-related calculations: example: several relevant transactions in the final year
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Person liable to charge: chargeable event certificates
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Audit of insurers: breaches of the reporting rules
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Audit of insurers: records to be maintained
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Reporting duties of UK insurers: contents
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Chargeable events: qualifying policies: individuals: when chargeable events arise
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Chargeable events: qualifying policies: companies
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Surrenders, part surrenders and maturity: how and when they occur
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Surrenders and part surrenders: cluster policies
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Surrenders: fundamental reconstruction of the policy
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Surrenders: exception: change of life assured on qualifying policy where no consideration is paid
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Part surrenders: loans on policies and contracts
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Maturity: chargeable event even if rollover option in policy is exercised
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Assignments: when chargeable events arise
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Assignments: specific exceptions by legislation
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Assignments of policies on divorce or on dissolution of civil partnership: current position
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Assignments of policies on divorce: position until mid-2003
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Assignments: separations of married couples, civil partners and unmarried couples
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Chargeable events on void ISAs: termination events
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Chargeable events on void ISAs: other chargeable events
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Pre-26 June 1982 second hand life policies and life annuity contracts
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Certificate for policyholder: time limits for delivery: ICTA88/S552(6)
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Certificates for HMRC: circumstances where certificates need to be provided: ICTA88/S552(1)(b)
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Certificate for HMRC: connected gains: ICTA88/S552(8)
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Certificates for HMRC: power to require certificate in other cases: ICTA88/S552(4)
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Certificates for HMRC: prescribed format
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Certificates for HMRC: information to be provided on the certificate: ICTA88/S552(5)
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Certificates for HMRC: insurer's details and policy details
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Certificates for HMRC: name and address of policyholder
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Certificate for HMRC: 'care of' addresses, change of addresses and 'gone away' cases
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Certificates for HMRC: types of chargeable events
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Certificates for HMRC: time limits for delivery: general rules: ICTA88/S552(7)
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Correction of chargeable event certificates: errors in certificates
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Reporting requirements for policy in a valid ISA
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Reporting requirements for policy in a void ISA: events and certificates
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Reporting requirements for policy in a void ISA: tax deducted
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Cluster policies: reporting of gains to policyholders and HMRC
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Audits of insurers: introduction
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Audit of insurers: the inspection visit
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Insurance Policyholder Taxation Manual: recent changes
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Insurance Policyholder Taxation Manual: recent changes
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Insurance Policyholder Taxation Manual: recent changes
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Insurance Policyholder Taxation Manual: recent changes
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Insurance Policyholder Taxation Manual: recent changes
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Scope of chargeable events legislation: contents
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Exceptions: pre-14 March 1989 policies and contracts owned by a company: ITTOIA05/SCH2/PARA107
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Exceptions: pre-20 March 1968 policies and contracts: ITTOIA05/SCH2/PARA96
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Variations which increase the benefits secured or extend the term
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Variations which do not increase the benefits secured or extend the term
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Certificate for policyholder: requirement to provide a certificate: company policyholders
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Certificate for policyholder: meaning of 'appropriate policyholder': ICTA88/S552(10)
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Certificate for policyholder: address to which the policyholder’s certificate should be sent
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Certificate for policyholder: information to be provided: position following ITTOIA05
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Chargeable event guidance for insurers: contents
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Exceptions: group life policies: conditions about permitted benefits: ITTOIA05/S481
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Exceptions: group life policies: pre-9 April 2003 policies: ITTOIA05/SCH2/PARA116
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Exceptions: group life policies: credit union loan protection policies: ITTOIA05/S483
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Exceptions: mortgage protection policies: ITTOIA05/S478
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Exceptions: pension policies: ITTOIA05/S479
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Exceptions: certain life annuities: ITTOIA05/S718
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Legislative references: ITTOIA 2005 and ICTA 2009
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Scope of legislation: general: ITTOIA05/S473
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Scope: group life policies: what constitutes a group life policy?
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Scope: group life policies: tax legislation: ITTOIA05/S480 to S482
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Sickness disability and unemployment insurance: lump sums to give up future rights to payments
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Sickness disability and unemployment insurance: action if tax deducted at source by insurer
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Immediate Needs Annuities: introduction
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Immediate Needs Annuities: background and definitions
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Purchased life annuities: partial exemption scheme: procedure
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Immediate Needs Annuities: tax treatment: payments made to the insured person or after their death
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Purchased life annuities: partial exemption scheme: procedure
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Purchased life annuities: partial exemption scheme: procedure relating to part C of form PLA6
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Periodical payments in personal injury cases: introduction and overview
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Periodical payments: tax exemption: payments under the original court order or settlement agreement
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Periodical payments: tax exemption: meaning of 'personal injury': includes fatal accidents
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Periodical payments: tax exemption: annuity payments
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Periodical payments: tax exemption: persons exempt
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Annuities purchased under the Criminal Injuries Compensation Scheme: tax exemption
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Payments to Thalidomide victims from the Thalidomide Children's Trust
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Sickness, disability, unemployment and long-term care insurance: introduction and overview
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Sickness disability and unemployment insurance: introduction
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Sickness disability and unemployment insurance: types of policies
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Purchased life annuities: non-UK insurers: appointment of a tax representative by HMRC
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Purchased life annuities: non-UK insurers: duties of a tax representative
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Purchased life annuities: special types of annuity
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Purchased life annuities: contents
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Purchased life annuities: different types of annuity: life annuities and purchased life annuities
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Purchased life annuities: partial exemption scheme: procedure
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Purchased life annuities: partial exemption scheme: procedure relating to part C of form PLA6
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Purchased life annuities: record-keeping requirements and provision of information to HMRC
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Purchased life annuities: penalties for failure to comply
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Purchased life annuities: annuities paid by overseas payers: introduction
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Purchased life annuities: introduction
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Purchased life annuities: charge to tax and partial exemption scheme: general
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Purchased life annuities: different types of annuity: guaranteed and temporary annuities
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Purchased life annuities: partial exemption scheme: exempt proportion formula
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Purchased life annuities: partial exemption scheme: exempt sum formula
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Purchased life annuities: partial exemption scheme: consideration
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Purchased life annuities: partial exemption scheme: procedure
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Purchased life annuities: different types of annuity: life annuities and purchased life annuities
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Purchased life annuities: partial exemption scheme: procedure relating to part C of form PLA6
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Purchased life annuities: contents
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Foreign policies: reduction for non-UK policyholder
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Interaction between restricted relief qualifying policies and top slicing relief
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Deficiency relief: entitlement and calculation
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Deficiency relief: how relief is given
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Top slicing relief: calculation
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Top slicing relief: how relief is given
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Interaction between restricted relief qualifying policies and top slicing relief
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Income tax treated as paid and reliefs
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Top slicing relief: calculation
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Foreign policies: differences in treatment
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Foreign policies: effect on qualifying status
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Foreign policies: basic rate tax not treated as paid
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Foreign policies: reduction for non-UK policyholder
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Reduction for non-UK policyholder from 6 April 2013
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Calculation of the reduction in gain from 6 April 2013: ITTOIA05/S528
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Non-UK policyholder and assignments and shared rights
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Gains arising during period of non-UK residence
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Gains arising to personal representatives and trustees
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Purchased life annuities: partial exemption scheme: procedure
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Personal portfolio bonds: calculation method: ITTOIA05/S522
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Calculating gains - recalculating a wholly disproportionate gain under ITTOIA05/S507A and S512A
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Personal portfolio bonds: background: ITTOIA05/S515
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Personal portfolio bonds: meaning: bonds made on or after 17 March 1998: ITTOIA05/S516
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Personal portfolio bonds: meaning: bonds made before 17 March 1998
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Personal portfolio bonds: meaning: index selection: ITTOIA05/S517(1)
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Personal portfolio bonds: meaning: property selection: ITTOIA05/S517(2)
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Personal portfolio bonds: calculation method: ITTOIA05/S522
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Personal portfolio bonds: calculation method: example
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Calculating gains: maturity, full surrender or assignment: commission rebated: examples
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Calculating gains: death, maturity or full surrender: disregard of trivial inducement benefits
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Policies and contracts charged: ‘foreign policies’
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When events occur: no chargeable event
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Calculating gains: ‘insurance year’
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Calculating gains: death, maturity, full surrender or assignment
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Calculating gains: death, maturity, full surrender or assignment: value of the policy or contract
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Person liable to charge: individuals and companies
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Person liable to charge: summary of the position in relation to trusts
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Person liable to charge: non-UK resident trustees and foreign institutions
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Person liable to charge: multiple interests
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Person liable to charge: multiple interests: chargeable event certificates
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Person chargeable: multiple interests: trusts created by more than one person
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Policies and contracts charged: general
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Policies and contracts charged: qualifying policies
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Statements required from beneficiaries under a policy
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The charge to tax: income tax and corporation tax
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Person liable to charge: chargeable event certificates
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Person liable to charge: individuals and companies
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Person liable to charge: UK resident trustees
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Person liable to charge: death cases
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Exclusions to the annual premium limit
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Reporting requirements for insurers
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Life assurance premium relief: outline
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Life assurance premium relief: trade union subscriptions
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Restricted relief qualifying policy: example
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Qualifying policies and life assurance premium relief: contents
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Policies issued on or after 21 March 2012 and before 6 April 2013
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Restricted relief qualifying policies
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Restricted relief qualifying policy: example
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Legislative references: ITTOIA 2005 and ICTA 2009
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Outline of the chargeable events regime: underlying theory
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Outline of the chargeable events regime: part surrenders and part assignments for consideration
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Outline of the chargeable events regime: focus on the policy, calculate the gain and attribute it
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Outline of the chargeable events regime: types of policy and contract chargeable
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Outline of the chargeable events regime: policies and contracts not chargeable
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Outline of the chargeable events regime: person chargeable
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Outline of the chargeable events regime: tax charged
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Qualifying policies and life assurance premium relief: introduction
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Qualifying policies and life assurance premium relief: outline of qualifying policy rules
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Qualifying policies and life assurance premium relief: contents
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Qualifying policies and life assurance premium relief: variations and substitutions
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Qualifying policies and life assurance premium relief: mortgage endowments
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Qualifying policies and life assurance premium relief: mortgage endowments: premium reviews
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Qualifying policies and life assurance premium relief: endowments: redress for mis-selling
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Qualifying policies: rules from 6 April 2013
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2021
Statements required from beneficiaries under a policy
Specified what information is required to make a request for an extension. Clarified the process. Updated hyperlinks.
Specified what information is required to make a request for an extension. Clarified the process. Updated hyperlinks.
2020
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Top slicing relief: how relief is given
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Top slicing relief: calculation
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2018
Updated for clarity; additional examples
Updated for clarity; additional examples
Top slicing relief: how relief is given
Updated methodology for top slicing calculation
Updated methodology for top slicing calculation
Updated examples to reflect updated methodology
Updated examples to reflect updated methodology