IHTM20000 - Life Policies: Contents
Introduction to Life Policies
| IHTM20011 | What a life policy is |
| IHTM20012 | Life policies and Inheritance Tax |
Investigating form IHT410
| IHTM20021 | Introduction to Form IHT410 |
| IHTM20022 | If the answer to Question 1 is Yes |
| IHTM20023 | If the answer to Question 3 is Yes |
| IHTM20024 | If the answer to Question 4 is Yes |
| IHTM20025 | If the answer to Question 7 is Yes |
| IHTM20026 | If the answer to Question 10 is Yes |
| IHTM20027 | If the answer to Question 10 is Yes: chart |
| IHTM20028 | If the answer to Question 12 is Yes |
| IHTM20029 | If the answer to Question 14 is Yes |
Investigating form IHT403
| IHTM20041 | Introduction |
| IHTM20042 | Gift of an existing life policy |
| IHTM20043 | Gift of an existing life policy: chart |
| IHTM20044 | Payment of premiums on a life policy for the benefit of someone else |
| IHTM20045 | Payment of premiums on a life policy for the benefit of someone else: chart |
| IHTM20046 | Assignment of the right to a lump sum due under an annuity contract |
Particular situations to look out for
| IHTM20061 | (This text has been withheld because of exemptions in the Freedom of Information Act 2000) |
| IHTM20062 | Midland Life (or HSBC) Cluster Trusts |
Definitions
| IHTM20081 | "Assured" and "life assured" |
| IHTM20082 | "Premium" |
| IHTM20083 | "Surrender value" and "open market value" |
| IHTM20084 | "Claim value" |
| IHTM20085 | "Insurable interest" |
| IHTM20086 | "Sum assured" |
| IHTM20087 | "Back-to-back policies" |
| IHTM20088 | "Mortgage protection policies" and "Mortgage indemnity guarantees" |
Types of policy
| IHTM20101 | Whole life policy |
| IHTM20102 | Term, term assurance or temporary policy |
| IHTM20103 | Pure endowment policy |
| IHTM20104 | Endowment policy |
| IHTM20105 | With-profits policy |
| IHTM20106 | Unit-linked policy |
| IHTM20107 | Alternative benefits policy |
Trusts of life policies
| IHTM20141 | Introduction |
Policy settled on its own trusts
| IHTM20151 | Express life interest in favour of settlor |
| IHTM20152 | Conditions required for policy to be comprised in a settlement |
| IHTM20153 | Life interest in favour of a beneficiary other than the settlor |
| IHTM20154 | Examples: England, Wales and Northern Ireland [DQ] |
| IHTM20155 | Examples: Scotland |
Policy settled on other trusts
| IHTM20160 | Policy settled on other trusts |
General power over policy proceeds
| IHTM20170 | General power over policy proceeds |
Married Women's Property Act policies
| IHTM20181 | Introduction |
| IHTM20182 | Proper law |
| IHTM20183 | The rule in Phipps v Ackers |
| IHTM20184 | Trustees' remuneration |
| IHTM20185 | No trustee appointed |
Policies on the deceased's life not connected with any other transaction (except a trust)
| IHTM20201 | Introduction |
| IHTM20202 | Contracts of life insurance in existence prior to 22 March 2006 |
Policy unconnected with a gift or trust
| IHTM20211 | Introduction |
| IHTM20212 | Possible discount |
| IHTM20213 | Policies with Independent Order of Foresters, Homeowners Friendly Society, Family Assurance Friendly Society and similar friendly societies |
Policy effected by the deceased for their own benefit but gifted later
| IHTM20221 | Introduction |
| IHTM20231 | Value of policy: General rule |
| IHTM20241 | Value of policy: Special rule: Introduction |
| IHTM20242 | Value of policy: Special rule: Exclusions from special rule |
| IHTM20243 | Value of policy: Special rule: Term assurance policies excluded from special rule |
| IHTM20244 | Value of policy: Special rule: Modification of special rule for unit-linked policies |
Policy effected for the benefit of someone else from the start
| IHTM20251 | Introduction |
| IHTM20252 | Policy contains option to surrender bonuses to the transferor |
Policies on the joint lives of the deceased and another
| IHTM20301 | Introduction |
| IHTM20302 | Ascertaining the beneficial interests |
| IHTM20303 | The situations that can arise and the Inheritance Tax claims that can result |
| IHTM20304 | Joint mortgage protection policies * |
Potentially Exempt Transfer treatment for renewal premiums
| IHTM20331 | Payment of premiums for policies in Accumulation and Maintenance or Disabled Trusts |
| IHTM20332 | Payment of premiums for policies gifted to individuals * |
Policies based on the life of another not connected with any other transaction (except a trust)
| IHTM20351 | Introduction |
| IHTM20352 | Chart |
Life policy linked with an annuity
| IHTM20371 | Introduction and background |
| IHTM20372 | What to do first |
| IHTM20373 | What to do when TG Actuarial Team's advice is received |
| IHTM20374 | The current statutory position |
| IHTM20375 | The Associated Operations test |
| IHTM20376 | Annuity and policy issued by different companies |
| IHTM20377 | Deferred annuity contract |
Pure Endowment policy linked with a Term Assurance policy
| IHTM20401 | Introduction |
| IHTM20402 | Differences between PETA schemes and Discounted Gift schemes |
| IHTM20410 | PETA schemes |
Discounted Gift Schemes
| IHTM20421 | Introduction |
| IHTM20422 | What to do |
| IHTM20423 | List of Companies and Scheme names |
| IHTM20424 | Basic scheme |
| IHTM20425 | Quantification of Inheritance Tax claim |
| IHTM20426 | Factors affecting the open market value of the retained rights |
Capital Conversion or Flexible Funding plans
| IHTM20450 | Capital Conversion or Flexible Funding plans * |
Life Policy linked with a loan and Inheritance Trusts
| IHTM20501 | Introduction |
| IHTM20502 | What to do |
| IHTM20503 | Chart |
Original scheme
| IHTM20511 | How the original scheme typically worked |
| IHTM20512 | Legislation designed to counteract scheme |
| IHTM20513 | Revised scheme following legislative changes |
Reverse Loan scheme
| IHTM20521 | How the reverse loan scheme typically worked |
| IHTM20522 | Legislation designed to counteract reverse loan scheme * |
Policies with Countrywide (formerly Premium Life) Assurance Company
| IHTM20601 | Introduction |
| IHTM20602 | What action to take |
| IHTM20603 | How to identify the two schemes |
Policies with Canadian insurance companies
| IHTM20611 | Introduction |
| IHTM20612 | The companies concerned |
| IHTM20613 | Governing law |
Annuities payable to deceased/transferor by insurance companies
| IHTM20631 | Introduction |
| IHTM20632 | Purchased life annuities: types and potential claims |
| IHTM20633 | Annuities ceasing on the death |
| IHTM20634 | Annuities which continue after the death |
| IHTM20635 | Annuities purchased in joint names |
