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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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Lifetime transfers: gifts with reservation (GWRs): the reservation on insurance policies: introduction

The general reservation rules (IHTM14331) are supplemented for policies by a special rule aimed at PETA schemes (IHTM20410) and the original discounted gift schemes (IHTM20421).

Details of the special rule are explained at IHTM14452 

The examples which follow illustrate both the special rule and the application of the general reservation rules to policies (IHTM14453).

You can also review examples 3 and 5 at the section dealing with the property given (IHTM14440).