Overseas insurance bonds – ‘foreign policies of life insurance’ for UK tax purposes, as defined in ITTOIA 2005 s 476 – have grown in popularity. UK resident policyholders invest in these policies to defer tax liabilities from crystallising on them until the encashment – or partial encashment – of the insurance policy. The use of these policies is increasingly scrutinised by HMRC.
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Overseas insurance bonds – ‘foreign policies of life insurance’ for UK tax purposes, as defined in ITTOIA 2005 s 476 – have grown in popularity. UK resident policyholders invest in these policies to defer tax liabilities from crystallising on them until the encashment – or partial encashment – of the insurance policy. The use of these policies is increasingly scrutinised by HMRC.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: