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Life insurance qualifying policies rules set to come into force

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The Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations, SI 2013/1820, have been laid before parliament and come into force on 12 August 2013. Changes to the life insurance qualifying policy regime were introduced by FA 2013 which inserted ICTA 1988 s 552ZB and Sch 15B para B3. The provisions require beneficiaries of qualifying policies to make statements and insurers to report information to HMRC in respect of qualifying policies.

HMRC has also published a set of questions and answers on the new annual premium limit of £3,600 for qualifying life insurance policies, which takes effect from 6 April 2013.

Issue: 1180
Categories: News , Private client taxes