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	Procedure if the answer to Question 10 is Yes:
IHTM20028	If the answer to Question 12 is Yes
IHTM20029	If the answer to Question 14 is Yes

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Investigating Form IHT403

IHTM20041	Introduction
IHTM20042	Gift of an existing life policy
IHTM20043	Procedure for a gift of an existing life policy
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 - procedure
IHTM20046	Assignment of the right to a lump sum due under an annuity contract

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Particular situations to look out for

IHTM20061	Foundation Insurance (Capital Redemptions) Ltd
IHTM20062	Midland Life (or HSBC) Cluster Trusts

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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'

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Types of policy

IHTM20101	Whole life policy
IHTM20102	Term, term assurance or temporary policy
IHTM20103	Pure endowment policy
IHTM20104	Endowment policy or endowment assurance
IHTM20105	With-profits policy
IHTM20106	Unit-linked policy
IHTM20107	Alternative benefits policy

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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

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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

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Joint life and joint name policies

IHTM20300	Policies in joint names
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

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Potentially Exempt Transfer treatment for renewal premiums

IHTM20331	Payment of premiums for policies in accumulation and maintenance or trusts for disabled persons
IHTM20332	Payment of premiums for policies gifted to individuals *

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Policies based on the life of another not connected with any other transaction (except a trust)

IHTM20351	Introduction
IHTM20352	Procedure

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Life policy linked with an annuity

IHTM20371	Introduction and background
IHTM20372	What to do first
IHTM20373	What to do when the 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

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Pure Endowment policy linked with a Term Assurance policy

IHTM20401	Introduction
IHTM20402	Differences between PETA 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	Quantifying the Inheritance Tax claim
IHTM20426	Factors affecting the open market value of the retained rights
IHTM20427	Where the transferor’s life was uninsurable at the transfer date

Capital Conversion or Flexible Funding plans

IHTM20450

Capital Conversion or Flexible Funding plans

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Life Policy linked with a loan and Inheritance Trusts

IHTM20501	Introduction
IHTM20502	What to do
IHTM20503	Procedure

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 *

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Policies with Countrywide (formerly Premium Life) Assurance Company

IHTM20601	Introduction
IHTM20602	What action to take
IHTM20603	How to identify the two schemes

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Policies with Canadian insurance companies

IHTM20611	Introduction
IHTM20612	The companies concerned
IHTM20613	Governing law

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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

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Technical note on discounted gift schemes issued on 1 May 2007

IHTM20650	Introduction
IHTM20651	Background
IHTM20652	Inheritance Tax treatment
IHTM20653	Valuation issues
IHTM20654	Position where there are joint settlors
IHTM20655	Underwriting approach
IHTM20656	HMRC's current basis of valuation

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