Correspondence from readers.
POAT & insurance
I refer to the article by John Woolley entitled 'Still Uncertain' in the issue dated 19 May 2005.
I have queried the subject of pre-18 March 1986 regular premium policies with HMRC's Capital Taxes Technical Group. HMRC confirm that such a policy (commencing before 18 March 1986 but with premiums continuing subsequently) in a trust of which the settlor is a potential beneficiary is indeed within the pre-owned assets tax régime.
HMRC have stated in a letter dated 18 May 2005:
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