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,
- 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.