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- Foreign life insurance policy - change of life insured
PostedTue, 07 Mar 2023 15:03:15 GMTbyHMRC Admin 19
Hi,
It is possible you may have a chargeable event as it depends on who you transferred it to. You can see guidance here:
HS321 Gains on foreign life insurance policies (2022)
Thank you.
Hi dear,Would you mind show me which section I should refer to? The transfer will be to other child.Thanks,Cyrus
PostedTue, 28 Mar 2023 15:19:54 GMTbyHMRC Admin 18
Hi,
You will need to check with the insurance company to ascertain if they see this as an end to your policy and early withdrawal.
Thank you.
Hi,I like the feature of the 5% rule on insurance policy so I am planning to apply one before coming to UK. One feature of the insurance policy which i am interested has a feature to split the original policy into other fews while there will be new owner & insured as wish. This feature enable me to split part of the original policy to my new born baby(ies) as making him/her as new insured & owner of the policy. Will this split trigger a chargeable event even no withdrawal has been made?Cheers,Cyrus
PostedTue, 18 Apr 2023 13:05:38 GMTbyHMRC Admin 8
Hi,
As per the HS321, link previoulsy given, You may also have made a gain which is only taxable when your policy ends.
This is because in each insurance year you can withdraw up to 5% of the premium paid into your policy without a gain happening in that year.
Thank you.
PostedFri, 28 Apr 2023 14:34:46 GMTbyHMRC Admin 10
Hi
Per the HS321 advice already given, all information is contained there to answer your query.
As a trust then the same benefits do not apply.
Thankyou.
PostedThu, 08 Jun 2023 16:49:16 GMTbyHMRC Admin 20
HiCyrus Chung,
This depends on the type of policy you have - please refer to that particular section on Types of policy at:-
HS321 Gains on foreign life insurance policies (2023)
Thank you.
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