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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Life Policies: Countrywide (formerly Premium Life) Assurance Company policies: how to identify the two schemes

​The scheme is probably the Asset Protection Plan if

  • The deceased paid a single premium on a Countrywide policy during their lifetime,

and

  • a deduction is taken anywhere in the death account for a liability due to Countrywide in respect of a second, much larger, premium.

The scheme is probably the IHT or CTT Mitigation Plan if

  • The policy gave the deceased the right to make withdrawals during their lifetime
  • The death estate included an amount due from Countrywide of less than £1,000

When you have considered the situation you are dealing with follow the guidance at IHTM20602.