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Chargeable Event Types

For UK Income Tax purposes, an offshore plan is classed as a non-qualifying policy. This section explains how the chargeable events regime works and how it applies to UK resident plan owners who are subject to the chargeable events legislation (ITTOIA ss461 to 546).

A Chargeable Event can arise upon:

  • Death of a life assured that gives rise to the death benefit becoming payable
  • Maturity of a plan
  • Surrender of the plan in full or of individual plan segments
  • Regular withdrawals or one off withdrawals taken from the plan, which are in excess of the 5% cumulative tax deferred allowance in any plan year
  • Full assignment of a plan for consideration in ‘money or money’s worth’
  • Part assignment of a plan for consideration in ‘money or money’s worth’ which are in excess of the 5% cumulative tax deferred allowance.
  • A fundamental reconstruction of the plan (e.g. an addition or a removal of a life assured).

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