Explanatory note

Changes to the Life Insurance Qualifying Policy regime were introduced by Finance Act 2013 which inserted section 552ZB and paragraph B3 to Schedule 15 of the Income and Corporation Taxes Act 1988 (“the Taxes Act”). The provisions require beneficiaries of qualifying policies to make statements and insurers to report information to HMRC in respect of qualifying policies.

Regulation 1 provides for the citation and commencement of these regulations.

Regulation 2 prescribes the matters that are to be set out in a statement by a beneficiary under paragraph B3 of Schedule 15 of the Taxes Act.

Regulation 3 provides for exceptions to the requirement to make a statement.

Regulation 4 provides that applications for the issue of qualifying policies and statements can be made other than in writing.

Regulation 5 provides the reporting requirements of relevant persons to HMRC.

Regulation 6 amends the Life Assurance and Other Policies (Keeping of Information and Duties of Insurers) Regulations 1997 to ensure that records in relation to qualifying policies are kept and can be inspected by HMRC.

Tax Information and Impact Notes covering this instrument were published on 11 December 2012 and 20 March 2013 alongside draft legislation and are available on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm. They remain an accurate summary of the impacts that apply to this instrument.