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My client is 61 years old and has been a UK resident for 18 years. He has two German life assurance policies.
The first policy was a foreign life insurance policy of 20 years. Under its terms the proceeds on maturity were paid out in full in accordance with the original policy agreement (to a now non-resident client). There was no tax deduction as the policy met the German policy qualifying rules as a pre-2005 capital-forming life insurance policy. The UK taxation treatment upon maturity appears to be as a non-qualifying policy less a small amount of non-residence relief. There is no chargeable event certificate.
On this policy there were main contributions and accident insurance (nominal amount) contributions. On maturity the payout consisted of four categories: sum insured profit share excess and participation in reserves.
The second policy came about due to the immediate investment...
