The name of the insurance company, the policy number and the
amount paid under the policy should be given for each policy
involved, at box 2. The policy will form part of the death estate
and the proceeds will be payable to the legal personal
representatives. Unless it is exempt, (e.g. because it is left to
the surviving spouse or civil partner (
IHTM11032) by will), inheritance tax is
payable on the claim value (
IHTM20084) at date of death.
Mortgage protection policies (
IHTM20088) on properties owned solely
by the deceased should be included here. For such policies on
jointly-owned properties, please see
IHTM20304.
See also
IHTM20211.
The following table tells you what you should do.
| If | You should |
| No value has been returned for the policy | Ask the taxpayer to forward a letter from the insurance company stating the claim value at the date of death. |
| A value has been returned for the policy | Accept the value offered
unless
(This text has been withheld because of exemptions in the Freedom of Information Act 2000)
|
See
IHTM20211 for further information.
