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25 October 2011
A client recently died, his wife having predeceased him in 1980. The client had a life policy within a marriage settlement, which dated from 1934
A client of mine died recently. He had within a marriage settlement dated 1934 an endowment-type life policy which I suspect was probably insisted upon by his new in-laws to protect his wife who died in 1980.
My client continued to pay the premium after that date and the policy now has considerable value.
In Taxation 1 June 2006 there were replies to a query (Tax free of old) in which a correspondent enquired about the exemption from income tax and capital gains tax for a policy taken out in 1967 i.e. prior to 20 March 1968.
My question now is whether this exemption also applies to inheritance tax.
I would be very grateful for any information and advice that readers can give in this regard.
Query 17 887 –...
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