Life policies
The government has made significant changes to the way in which some life assurance policies are taxed.
In certain circumstances, the new rules will require companies which hold a life policy with any investment element (i.e. any policies other than those paying a fixed sum on the individual’s death) to consider the value of the policy each year and potentially to have to tax any increase in value over the previous year.
The number of cases where this will happen is not expected to be high but it is important to clarify the position, as soon as possible.
Please contact us if you think you may be affected by these new rules.
