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HMRC internal manual

Inheritance Tax Manual

Life Policies: policy on the deceased’s life not connected with any other transaction (except a trust): introduction

These instructions relate to unconnected policies and those connected with a trust only in the following situations;

  • The deceased effected the policy on their own life for their own absolute benefit and retained it until their death (IHTM20211). This should be shown in box 2 of IHT410 (IHTM20022).
  • The deceased effected the policy on their own life for their own absolute benefit and gave it to someone else or placed it in trust later (IHTM20221). This should be shown on form IHT403 (IHTM20042).
  • The deceased effected the policy on their own life for the benefit of someone else or in trust from the start (IHTM20251). This should also be shown on form IHT403 (IHTM20044).