Accident insurance policies

Legislation/Regulatory – SP 6/92

Applicable policies and contracts

Legislation/Regulatory – ITTOIA2005 s. 473
HMRC Guidance – IPTM1135 ; IPTM4220

Assignments, periodic calculations and excess events

Chargeable events

Legislation/Regulatory – ITTOIA2005 s. 509
HMRC Guidance – IPTM3555 ; IPTM7140

Co-ownership

Legislation/Regulatory – ITTOIA2005 s. 505, 506

Final insurance year, meaning

Legislation/Regulatory – ITTOIA2005 s. 499
HMRC Guidance – IPTM7125

Generally

Legislation/Regulatory – ITTOIA2005 s. 498

Insurance year, meaning

Legislation/Regulatory – ITTOIA2005 s. 499

Method for making

Legislation/Regulatory – ITTOIA2005 s. 507
HMRC Guidance – IPTM1510 ; IPTM3555 ; RDRM33540

Value of rights

Legislation/Regulatory – ITTOIA2005 s. 508

Calculation of gains

Disregard of certain amounts

Legislation/Regulatory – ITTOIA2005 s. 495

General rules

Legislation/Regulatory – ITTOIA2005 s. 491
HMRC Guidance – IPTM7625

Inducement benefits

Legislation/Regulatory – ITTOIA2005 s. 497

Qualifying endowment policies held as security for company debts

Legislation/Regulatory – ITTOIA2005 s. 496

Total allowable deductions for policy or contract

Legislation/Regulatory – ITTOIA2005 s. 494, 496

Total benefit value of policy or contract

Legislation/Regulatory – ITTOIA2005 s. 492
HMRC Guidance – IPTM7135

Value of policy or contract

Legislation/Regulatory – ITTOIA2005 s. 493

Capital redemption policies

Legislation/Regulatory – TCGA92 s. 204
HMRC Guidance – CG12615 ; CG69041 ; CG69044

Charge to tax

Legislation/Regulatory – ITTOIA2005 s. 461
HMRC Guidance – BIM40751 ; IHTM44025 ; IPTM3110 ; SAIM1090 ; TCM0120060

Chargeable events

Alteration of life insurance policy terms

Legislation/Regulatory – ITTOIA2005 s. 488, 489
HMRC Guidance – IPTM8050

Assignment of certain rights disregarded

Legislation/Regulatory – ITTOIA2005 s. 487

Disregard of certain events

Legislation/Regulatory – ITTOIA2005 s. 485

Generally

Legislation/Regulatory – ITTOIA2005 s. 462, 484
HMRC Guidance – IPTM3400

Guaranteed income bonds, last payment treated as surrender

Legislation/Regulatory – ITTOIA2005 s. 490

List

Legislation/Regulatory – ITTOIA2005 s. 484

Connected policies or contracts treated as single policy or contract

Legislation/Regulatory – FA2012 s. 11(4)-(6) ; ITTOIA2005 s. 473A

Corporation tax

Generally

Legislation/Regulatory – ITTOIA2005 s. 544

Information

Legislation/Regulatory – ESC C33 ; FA2013 s. 6 ; ICTA88 s. 552, 552ZA

Investment life insurance contracts

– see Investment life insurance contracts

Credit union group life policies

Legislation/Regulatory – ITTOIA2005 s. 483
HMRC Guidance – IPTM1540

Deemed surrender in cases of certain loans

Legislation/Regulatory – ICTA88 s. 271

Deficiencies

Calculation of

Legislation/Regulatory – ITTOIA2005 s. 541

Relief for

Legislation/Regulatory – IRInt. 267 ; ITTOIA2005 s. 539
HMRC Guidance – CG21230

When arising

Legislation/Regulatory – ITTOIA2005 s. 540

Definitions

Legislation/Regulatory – ITTOIA2005 s. 545

European Economic Area insurers

Legislation/Regulatory – ITTOIA2005 s. 532, 533

Foreign policies

Generally

Legislation/Regulatory – ITTOIA2005 s. 476

Issue time of qualifying policy replacement

Legislation/Regulatory – ITTOIA2005 s. 543

Group life policies

Conditions about benefits

Legislation/Regulatory – ITTOIA2005 s. 481
HMRC Guidance – IHTM17091

Conditions about persons intended to benefit

Legislation/Regulatory – ITTOIA2005 s. 482

Generally

Legislation/Regulatory – ITTOIA2005 s. 480
HMRC Guidance – IPTM1125 ; IPTM1540 ; IPTM7025

Income charged

Legislation/Regulatory – ITTOIA2005 s. 463

Income tax allowance

Exceptions

Legislation/Regulatory – ITTOIA2005 s. 531

Generally

Legislation/Regulatory – ITTOIA2005 s. 530
HMRC Guidance – IHTM28160

Investment life insurance contracts

– see Investment life insurance contracts

Mortgage repayment policies

Legislation/Regulatory – ITTOIA2005 s. 478
HMRC Guidance – IPTM1540

Non-life policies

Legislation/Regulatory – TCGA92 s. 204

Non-residents

Legislation/Regulatory – ESC C33

Older policies and contracts

Legislation/Regulatory – ITTOIA2005 s. 477, 546

Part surrenders, periodic calculations and excess events

Chargeable events

Legislation/Regulatory – ITTOIA2005 s. 509

Events treated as part surrenders

Legislation/Regulatory – ITTOIA2005 s. 500

Final insurance year, meaning

Legislation/Regulatory – ITTOIA2005 s. 499

Guaranteed income bonds, payments under

Legislation/Regulatory – ITTOIA2005 s. 490, 504
HMRC Guidance – IPTM3550

Insurance year, meaning

Legislation/Regulatory – ITTOIA2005 s. 499

Life annuity contracts, loans to buy

Legislation/Regulatory – ITTOIA2005 s. 502

Loans, part surrenders

Legislation/Regulatory – ITTOIA2005 s. 501, 502, 503
HMRC Guidance – IPTM4100

Method for making

Legislation/Regulatory – ITTOIA2005 s. 507

Requirements

Legislation/Regulatory – ITTOIA2005 s. 498

Value of rights

Legislation/Regulatory – ITTOIA2005 s. 508

Pension policies

Legislation/Regulatory – ITTOIA2005 s. 479
HMRC Guidance – BIM42701 ; IPTM1540

Person liable for tax

Determination of shares etc.

Legislation/Regulatory – ITTOIA2005 s. 471

Foreign institutions

Legislation/Regulatory – ITTOIA2005 s. 468
HMRC Guidance – IPTM3260

Generally

Legislation/Regulatory – ITTOIA2005 s. 464

Highest part of total income

Legislation/Regulatory – ITTOIA2005 s. 465A

Individuals

Legislation/Regulatory – ITTOIA2005 s. 465
HMRC Guidance – CG21230 ; IHTM28160 ; IPTM3220 ; IPTM3250

Non-charitable trusts created by two or more persons

Legislation/Regulatory – ITTOIA2005 s. 472

Non-resident trustees

Legislation/Regulatory – ITTOIA2005 s. 468

Personal representatives

Legislation/Regulatory – ITTOIA2005 s. 466

Trustees

Legislation/Regulatory – ITTOIA2005 s. 467
HMRC Guidance – IPTM3250

Two or more persons interested in policy or contract

Legislation/Regulatory – ITTOIA2005 s. 469, 470

Personal portfolio bonds

– see Personal portfolio bonds

Qualifying insurance policies

Legislation/Regulatory – ITTOIA2005 s. 474

Recovery of tax from trustees

Legislation/Regulatory – ITTOIA2005 s. 538
HMRC Guidance – IHTM28160

Reductions from

Non-residents

Legislation/Regulatory – FA2013 Sch. 8, para. 3 ; ITTOIA2005 s. 528, 528A
HMRC Guidance – IPTM3732

Sums taken into account

Legislation/Regulatory – ITTOIA2005 s. 527
HMRC Guidance – IPTM1560

Replacement of qualifying policies

Legislation/Regulatory – ITTOIA2005 s. 542

Top slicing relief

Generally

Legislation/Regulatory – ITTOIA2005 s. 535
HMRC Guidance – CG21230

One chargeable event

Legislation/Regulatory – FA2013 Sch. 8, para. 5 ; ITTOIA2005 s. 536
HMRC Guidance – IPTM3736

Two or more chargeable events

Legislation/Regulatory – ITTOIA2005 s. 537

Transaction-related calculations in part surrender and assignment cases

Amount of available premium left for relevant transaction

Legislation/Regulatory – ITTOIA2005 s. 512

Chargeable events

Legislation/Regulatory – ITTOIA2005 s. 514
HMRC Guidance – IPTM3555 ; IPTM7125 ; IPTM7140 ; IPTM7195

Final insurance year

Legislation/Regulatory – ITTOIA2005 s. 513

Generally

Legislation/Regulatory – ITTOIA2005 s. 510

Method for making

Legislation/Regulatory – ITTOIA2005 s. 511

Trustees, recovery of tax from

Legislation/Regulatory – ITTOIA2005 s. 538

When gains arise

Legislation/Regulatory – ITTOIA2005 s. 462