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HMRC internal manual

Insurance Policyholder Taxation Manual

Scope and outline of the PPB legislation


The PPB legislation applies to life insurance policies, life annuity contracts and capital redemption policies that are within the scope of the chargeable event regime in Chapter 9 of Part 4 of ITTOIA05.

It does not apply to policies that are excluded from the chargeable event regime, such as policies issued in connection with most pension schemes and policies taken out before 19 March 1968 and not subsequently varied so as to extend the term or increase the benefits.

The PPB legislation can apply to qualifying life policies.