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Taxation of Life Policies

A recent ABI Circular puts forward the possibility (for consultation) of greater information being provided by insurers to policyholders to facilitate clearer and better understanding of when a return to the Inland Revenue need (or need not) be made.



Of course, the only statutory requirement to report gains (under section 521 ICTA 1988) is that imposed on the life office providing the policy on which the chargeable gain has arisen to report gains (through chargeable event certificates) to the Inland Revenue. The certificate does not even have to include the amount of the gain.



It is thought that by providing more information the chances of incorrect returns will fall dramatically.



This is not the first time this point has been addresses. An LIC circular on the same subject was issues in 1996.

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