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HMRC internal manual

Insurance Policyholder Taxation Manual

HM Revenue & Customs
, see all updates

Policies and contracts charged: general

The policies and contracts that are potentially subject to the chargeable event regime are

  • life insurance policies (may also be referred to as life assurance policies)
  • life annuity contracts
  • capital redemption policies, see IPTM1120 

made, or varied so as to extend the term or increase the benefits, on or after 20 March 1968.

Life annuity means a purchased life annuity within the partial exemption scheme described at IPTM4000 onwards - see IPTM4220.

Certain policies and contracts are not chargeable, see IPTM1540.

Further reference and feedback IPTM1013