Life Policies: investigating form IHT403: payment of premiums on a life policy for the benefit of someone else
This instruction applies both where the deceased
- effects a policy for the benefit of someone else, and/or
- pays premiums on a policy where someone else is already the beneficial owner.
The taxpayer or agent should have answered ‘Yes’ to the question at Box 4 of form IHT403 and given details on the form. They should also have provided a copy of
- the schedules and provisions to the life insurance policy, and
- any related documents such as trust deeds and loan agreements.
If the deceased purchased an annuity as well as paying the premiums on the policy, a copy of the annuity documents should also be provided.
If any of the information you need has not been provided you should write to the taxpayer or agent to ask for it. Once you have all the information you should follow the instructions at IHTM20045.