IPTM3410 - 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 CTA09/S299, or
• are chargeable to income tax because they are:

- purchased life annuities, see 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.