OLAB involves a life assurance contract with a non UK resident policyholder or annuitant. The definition of OLAB excludes any business which falls within another business type definition of pension, CTF, ISA or LRB (FA 2012, s. 61(3)). Additional categories of excluded business from OLAB are found in the ‘excluded business’ regulations (Insurance Company (Overseas Life Assurance Business) (Excluded Business) Regulations 2000 (SI 2000/2089)). The most significant categories are as follows:

business with individuals where at least 65 per cent of the benefits payable under the policy are payable to non-UK residents or to charities; and

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.