IHTM20241 - Life Policies: policy on the deceased바카라 사이트™s life not connected with any other transaction (except a trust): policy effected by the deceased for their own benefit but gifted later: special rule: introduction

IHTA84/S167 provides special rules (that apply to lifetime transfers only) for the valuation of:

  • policies of insurance payable on a person바카라 사이트™s death
  • contracts for deferred annuities payable from a person바카라 사이트™s death.

The rules provide a minimum value which is, broadly, the amount of the premiums paid less any sum received under the policy or contract before the transfer. So this special value is only used if it exceeds the open market value (IHTM20083).

Guidance on the exclusions to and a modification of this rule can be found at IHTM20242 - IHTM20244