This Practice Note written by Simon Gorbutt of Luxembourg for Finance explains what is meant by offshore bonds, foreign policies and life policies, and the tax charges that are likely to arise under the ‘chargeable event’ regime set out in Chapter 9 of the Income Tax (Trading and Other Income) Act 2005. It looks at the meaning of life insurance bond, foreign policy and qualifying policy and also covers chargeable events and income tax, the calculation and taxation of the chargeable event gain, part disposals and chargeable event certificates.