Commentary

I10.128 Life assurance policies

IHT, trusts and estates

I10.128 Life assurance policies

I10.128 Life assurance policies

A grant of representation in the UK is not necessary in order to recover money payable under a life assurance policy effected by a person who dies domiciled outside the UK. Where the policy monies are situated in the UK, IHT is payable and the insurance company can be liable1 for the IHT as a vestee if it retains policy monies for the benefit of the beneficiary for investment purposes, outside the terms of the life assurance contract. The company may also be liable if it received prior notice that the policy is subject to a

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