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HMRC internal manual

Insurance Policyholder Taxation Manual

Calculating gains: death, maturity, full surrender or assignment: related policies

Broadly, a policy is related to another policy if under the terminology of ICTA88/SCH15/PARA17 they are ‘old’ and ‘new’ policies in relation to a termination of one policy and its substitution by another, see IPTM7515 for more details. Typically this refers to a maturity option where one policy matures and the proceeds are applied as premium for a new policy.

References to ‘policy’ in the definitions of total benefits, total deductions and previous gains include any related policies. Previous gains mean those arising on ‘calculation events’ - see IPTM3510 and IPTM3555.

Further reference and feedback IPTM1013