Why is the list of beneficiaries under the declaration of trust for a relevant life policy so restricted?
For protection policies onlyTue Feb 14 11:28:00 GMT 2017
The class of beneficiaries has been restricted to help to ensure that the exemption from the benefit in kind charge under S307 ITEPA 2003 applies.
This information is based on our understanding of current, taxation law and HMRC practice, which may change.
Trusts establish legal rights and entitlements and might have material financial and tax implications for the Settlor, Trustees and Beneficiaries. Aegon UK is not authorised to provide legal advice, so you should take your own legal advice before setting up a trust, to make sure that it meets your requirements. Our trusts have been drafted for use by UK domiciled individuals.