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HMRC internal manual

Insurance Policyholder Taxation Manual

Permitted indices

The PPB legislation also allows for benefits under a policy to be determined by reference to certain indices selected by the policyholder without the policy being a PPB, provided the selection rules described in IPTM7780 to IPTM7790 are also met. The categories of permitted indices are:

  • the UK retail price index and foreign equivalents
  • published indices of prices of shares listed on a recognised stock exchange.

Retail price indices

The indices of retail prices that the policyholder may select under the terms of a policy are not limited to the UK retail prices index. Any general index of prices similar to the RPI that is published by the government of any foreign state or by any agent of such a government may be provided for selection.