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HMRC internal manual

Insurance Policyholder Taxation Manual

From
HM Revenue & Customs
Updated
, see all updates

Insurance Policyholder Taxation Manual: recent changes

 

Below are details of the amendments that were published on 14 February 2008 (see the update index for all updates).

Section Title and details of update
   
IPTM1115 Revised explanation for funeral plan contracts
IPTM3210 Revised to include additional explanation about what insurers should enter on chargeable event certificates
IPTM3220 Updated about the process for tax offices to follow where HMRC needs to certify that a person may recover tax from the trustees
IPTM3510 Additional text about commissions (in relation to chargeable events and calculating gains)
IPTM3527 New paragraph entitled “Chargeable events: calculating gains: maturity, full surrender or assignment: commission rebated or reinvested as premium”
IPTM3528 New paragraph entitled “Chargeable events: calculating gains: maturity, full surrender or assignment: commission rebated: examples”
IPTM6135 Revised to include additional explanation about the anti-avoidance rules where there are bundles of benefits from one or more policies
IPTM7105 Additional text to clarify that insurers should calculate chargeable event gains without taking into account commission
IPTM7235 Revised to update office name and where to obtain a copy of ‘Inspection of Schemes Operated by Financial Intermediaries’ which explains how inspections are carried out
IPTM7530 Updated in relation to commissions
IPTM7531 New paragraph about the calculation of gains on chargeable events entitled “Total deductions: premiums: commission arrangements”
IPTM7715 Revised to also include guidance where the policyholder is also an employee of a permitted fund
IPTM8150 Updated to confirm that legislation, about changes in the way benefits secured under a policy are determined, has been introduced
IPTM8155 Updated to confirm that legislation, about changes in the way benefits secured under a policy are determined, has been introduced
IPTM8310 Revised to confirm that when policies, endorsements or additions are sent to HMRC for certification as qualifying policies, two copies of the relevant material should be sent