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HMRC internal manual

Inheritance Tax Manual

Foreign property: money from a life policy: policies under seal

Policies by way of deed or under seal are specialty debts (IHTM27079) and must be referred to Technical.

Most Lloyds policies are embossed with a seal but they are not specialty debts unless they also bear the witnessed personal signature of the General Manager of Lloyds Policy Signing Office. Lloyds policies that do not bear this signature are chargeable to Inheritance Tax in the country where the debtor (the company) resides (IHTM27101).