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HMRC internal manual

Inheritance Tax Manual

Pre-owned assets: insurance based products: introduction

Insurance policies have a unique relationship to Inheritance Tax being linked to the death of the life assured. Consequently, a number of products have been designed to avoid the reservation of benefit rules. The POA consequences for these and some other insurance based products are as follows

  • discounted gift trust (IHTM44111)
  • gift and loan trusts (IHTM44112)
  • pension policies (IHTM44113)
  • business trusts or partnership policies (IHTM44114)
  • policies settled on trust before 18 March 1986.