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POLICYHOLDER TAXATION: EXEMPTION FOR LIFE POLICIES HELD IN CONNECTION WITH A PPP

The Finance Bill measures on stakeholder and other &#34unified defined contribution&#34 pension schemes will include an exclusion from the chargeable events regime for life insurance policies held in connection with such pension contracts.



This will remove the possibility of anomalous taxable gains where a single policy held within such arrangements provides cover against more than one life assured. However, this anomaly remains where a term policy provides cover against more than one life assured outside a personal pension arrangement e.g. a group life arrangement under a Funded Unapproved Retirement Benefit Scheme (FURBS).



There are no other changes to policyholder taxation. In particular, there are to be no changes in this Finance Bill to the rules governing the reporting of chargeable events gains by life companies.

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