IPTM1540 - Outline of the chargeable
events regime: policies and contracts not chargeable
Insurance policies can run for a very long time. No insurance
policy or contract otherwise within the scheme will be chargeable
if
- the insurance was made before 19 March
1968, and
- the terms of the insurance have not
subsequently been varied after that date so as to increase the
benefits secured or extend the terms of the policy.
Contracts fulfilling certain specific functions are also
excluded:
- mortgage repayment protection policies (
ITTOIA05/S478)
- policies issued in connection with
registered pension schemes (
ITTOIA05/S479)
- group life policies designed to pay off
credit union loans (
ITTOIA05/S483)
- excepted group life policies (
ITTOIA05/S480). More details at
IPTM7020.
