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HMRC internal manual

Insurance Policyholder Taxation Manual

Policies and contracts charged: personal portfolio bonds

These are policies of life assurance, contracts for a life annuity or capital redemption policies where the benefits under the policy are determined, or are capable of being determined, by reference to

  • the value of, or income from, property of any description
  • fluctuations in an index of the value of property of any description,


  • the policyholder, or a person acting on his behalf, is under the terms of the policy able to select the property or index concerned.

The detailed definition is lengthy, and the rules that apply to personal portfolio bonds are complex. See IPTM3600 onwards.

Further reference and feedback IPTM1013