Windfalls flowing from demutualisation of a life office are paid to the first named of a joint policy.
This would appear to place the whole of the gain on that first-named person.
However, the Inland Revenue recently published a note about joint policies in Working Together Issue No. 6.
My understanding is that the Revenue will accept a declaration that the amount was received on behalf of both the joint owners and so the gain will be divided between the two.
Cumbria Insurance Brokers,