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HMRC internal manual

Insurance Policyholder Taxation Manual

When events occur: exceptions

Qualifying policies

If a policy of life insurance is a qualifying policy, see IPTM3310.

Capital redemption policies

The rule that maturity of a capital redemption policy is a chargeable event does not apply where the sums payable on maturity

  • are chargeable to corporation tax under Schedule D, or
  • are chargeable to income tax because they are

    • purchased life annuities, see IPTM1135 and IPTM4000 onwards
    • annuities for the benefit of dependants - ITEPA03/S609 
    • annuities under non-registered pension schemes - ITEPA03/S610 
    • annuities in recognition of another’s services - ITEPA03/S611 
    • annual payments not otherwise charged.
Further reference and feedback IPTM1013