Q&As

Does stamp duty apply to the assignment of a life insurance policy?

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Published on LexisPSL on 13/12/2017

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Does stamp duty apply to the assignment of a life insurance policy?

The stamp tax analysis of an assignment of a life insurance policy will depend on the mechanics of the assignment and whether the policy is a marketable security.

Stamp duty was abolished on life insurance policies by Finance Act 1989 (FA 1989), s 173 (now repealed) with effect for instruments made after 31 December 1989.

Stamp duty should only apply if any assignment or transfer falls within the general charging provisions listed below.

Subject to exemptions and reliefs, UK stamp duty applies to:

  1. instruments of transfer relating to stock or marketable securities (such as stock transfer forms)

  2. instruments effecting a transfer of any interest in a partnership

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