This Practice Note written by Simon Gorbutt of Lombard International Assurance 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. 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.
This Practice Note written by Simon Gorbutt of Lombard International Assurance considers cluster (or segmented) policies, personal portfolio bonds (PPBs), the treatment of some older policies and the interaction between the foreign policy rules and remittances to the UK by non-UK domiciled persons.
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