IPTM7360 - Assignments: when chargeable events arise
Assignments for money or money바카라 사이트™s worth
The assignment of all the rights under a life insurance policy, capital redemption policy or life annuity contract (a 바카라 사이트˜whole assignment바카라 사이트™) is normally a chargeable event if it is for money or money바카라 사이트™s worth. Exceptions are time-served qualifying policies in certain circumstances, as described in IPTM7310 and the specific exceptions described in IPTM7365.
This only applies to assignments of the beneficial interest in the policy. An assignment of the legal ownership only, leaving the beneficial ownership unchanged, is not a chargeable event. A whole assignment not for money or money바카라 사이트™s worth is not a chargeable event.
Meaning of 바카라 사이트˜money or money바카라 사이트™s worth바카라 사이트™
바카라 사이트˜Money or money바카라 사이트™s worth바카라 사이트™ has a wider meaning than simply just cash, for instance if an individual transferred beneficial ownership of a policy to another person in return for a valuable asset then that would be an assignment for money바카라 사이트™s worth.
In many cases an insurer will have information about an assignment which will enable it to decide whether the assignment was for money or money바카라 사이트™s worth, and so whether chargeable event certificates need to be issued. The Stamp Duty category is not always a sound indicator of whether consideration has been given on the assignment because the wrong deed is sometimes used.
IPTM7370 to IPTM7385 give guidance on whether an assignment is for money or money바카라 사이트™s worth in certain cases, such as on divorce. In other cases, the insurer is entitled to assume that an assignment is not for money or money바카라 사이트™s worth unless it has information indicating that the assignment was for money or money바카라 사이트™s worth, for instance that the purchaser of the policy is a dealer in second-hand policies. It is not required to enquire further into the nature of a particular assignment.
Where the assignment is pursuant to a court order, it is not for money or money바카라 사이트™s worth. This is only likely to arise on divorce or separation.
Part assignments for money or money바카라 사이트™s worth
An assignment of part of the rights (a 바카라 사이트˜part assignment바카라 사이트™) for money or money바카라 사이트™s worth might be a chargeable event in its own right if a transaction-related calculation shows a gain. Or it may give rise to an 바카라 사이트˜excess event바카라 사이트™. These questions are considered in detail in IPTM7600 onwards.
Part assignments not for money or money바카라 사이트™s worth
A part assignment which occurs in an insurance year beginning on or after 6 April 2001 that is not for money or money바카라 사이트™s worth, for instance by way of gift, cannot be a chargeable event or give rise to an excess event.
A part assignment not for money or money바카라 사이트™s worth that occurred in an insurance year beginning before 6 April 2001 may have given rise to an excess event under the pre-FA01 legislation. The gain on such an event should be deducted in computing the gain on a later full surrender, maturity, whole assignment or death in the same way as for gains on other excess events - see IPTM7510 for the calculation rule.