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Summary

In the spring 2006 budget, Gordon Brown announced that there would be changes made to the tax system relating to life insurance policies written in trust. We explain the decisions that have been made so far in this article.

Life Insurance.New laws mean tax charges on some life insurance policies written in trust.

Author: Anna Richardson

spring budget speech that life insurance policies written in trust would be subject to new tax laws. At the time, he didn't go into any great detail and the industry was left to speculate on what it might mean. Taking the assumption that all life insurance policies written in trust would be affected, that would mean 4.5 million people across the UK would see their policies lose out to taxes.

The story progressed a few weeks later when the draft Finance Bill was published, making it clear that not all policies written in trust would be affected, Estimations ( insurance ) fell to one million people - still quite a lot though! We provide you with the full low down in this article of what has happened so far on this issue.

We must make it cleat first and foremost that nothing is law yet. We are ( loans ) talking about the first draft of the Finance bill which has not been taken into Parliament for discussion yet. It is assumed at the moment that if the new legislation is passed, then it will come into force in early July this year. If things change then we will give you the full details.

The reason why the budget speech made such a huge impact is that it ( car insurance cover ) gave the impression that ALL life policies written in trust would not be able to claim their exemption from inheritance tax. The government put the story straight a few weeks later, saying that it was only policies written in trust after the budget date of March 22 nd 2006 that would be subject to the new laws. So if you have a policy written in trust before that date then the new laws will not affect you.

If your policy was written after the date of the budget, then you may be ( life insurance advisers ) affected by the new laws, depending on what kind of trust you signed up to, which we will now discuss in further detail.

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