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HMRC internal manual

Inheritance Tax Manual

Life Policies: trusts of life policies: general power over the policy proceeds

Occasionally you might find that an individual has a general power over the policy proceeds. If the trusts do not constitute a settlement, IHTA84/S5 (2) applies and the individual is treated as beneficially entitled to the policy.

If the trusts do constitute a settlement S5(2) does not apply unless the policy is effected under a superannuation scheme or fund (IHTM17121) to which IHTA84/S151 applies.