IPTM2093 - Reporting requirements for insurers

»Ê¹ÚÌåÓýapp Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations 2012 (SI 2013/1820) â€� Regulation 5

Where a statement has been provided by a beneficiary under a policy (see IPTM2071) the insurer must submit the following to HMRC:

  • the information given in each statement received in respect of qualifying policies issued, varied, or assigned in that tax year (unless the policy was issued before 6 April 2013, in which case there are no reporting requirements)
  • the information given in each application for a policy received in that tax year for policies issued on or after 6 April 2013 and the information did not change between application and issue
  • for policies issued after 6 April 2013 information on policies which ceased, terminated, matured or where premiums have reduced in that tax year. »Ê¹ÚÌåÓýapp insurer will need to provide the date the policy was issued, the policy identification reference and the premiums payable under the policy immediately after the event.
Policies issued before 6 April 2013

»Ê¹ÚÌåÓýappre are no reporting requirements for any qualifying policies issued before 6 April 2013.

However, a non-qualifying chargeable event certificate will be required on a subsequent chargeable event if the policy issued in the transitional period is:

  • a non-qualifying policy, or
  • a RRQP

Statements will be required in a number of situations (see IPTM2090). However, a report will only be required in respect of qualifying policies issued on or after 6 April 2013. Insurers will need to note their systems if statements show that a pre-6 April 2013 policy has become non-qualifying or RRQP but such policies are not required to be included in the report to HMRC.

Time Limits

»Ê¹ÚÌåÓýapp insurer must provide the information to HMRC within three months of the end of the tax year in which it was received.

Exceptions

»Ê¹ÚÌåÓýapp reporting requirements do not apply to:

  • qualifying policies issued before 6 April 2013 and
  • pure protection policies â€� see IPTM2072.
Record keeping requirement

Relevant records must be kept for three years after the termination of the policy.