Chapter IPTM7220
Published date | 19 March 2016 |
Record Number | IPTM7220 |
Where an ISA manager discovers an ISA holding a life policy to be void, for instancebecause subscription limits have been breached, then this gives rise to a‘termination event’, which is deemed to be a surrender chargeable event.
The circumstances in which a termination event arises, and the date of such an event, aredescribed in IPTM7395. Where the ISA manager is not theinsurer, it must notify the insurer within 30 days of discovering that the ISA is voidthat there has been a termination event and the circumstances which have caused the ISA tobe void.
Chargeable events prior to a termination eventWhere a chargeable event has occurred prior to a termination event, the exemption fromtax provided by the policy being held within an ISA no longer applies. The only suchevents possible are excess events on earlier part surrenders since policies held in ISAscannot be assigned in whole or part.
Reporting requirements for a termination event and excess events prior to atermination eventCertificates to investor. Where there has been a termination event, chargeableevent certificates must be issued to the ISA investor reporting
- the termination event if a gain has arisen on the event, and
- any excess events and gains which have occurred before the termination event.
The information to be provided on the certificate is the same as that required forgeneral chargeable events other than whole assignments, as listed in IPTM7125, except income tax treated as paid,which is not available on gains on policies in void ISAs. As a termination event is adeemed surrender, it may be...
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