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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): policy unconnected with a gift or trust:

Under the rules of the Independent Order of Foresters (and other friendly societies who offer similar policies), a member may designate a beneficiary to whom the benefits under the policy are to be payable. However, no beneficiary has a vested right to the benefits until the member dies and the member may change the beneficiary at any time. As the member is free to nominate themselves/their estate, the policy forms part of their estate for Inheritance Tax purposes on their death.