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HMRC internal manual

Inheritance Tax Manual

Life Policies: types of policy: unit-linked policy

A unit-linked policy is similar to a with-profits policy (IHTM20105) as the amount that is finally payable is not a fixed sum. The premiums (IHTM20082) paid on the policy are allocated to a number of units in an underlying fund. The sum payable is linked to the value of those units, which can fluctuate from day to day.