As a general rule the value of a life policy is its open
market value in accordance with IHTA84/S160. The open market value
(
IHTM20083) is the amount for which the
policy could be sold, and might exceed the surrender value (
IHTM20083).
The TG Actuarial Team) is responsible for the valuation of
life policies on an open market basis.
See
IHTM20241 for special rule for
valuation of policies for Inheritance Tax purposes in certain
circumstances.
