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IPTM2093 | Reporting requirements for insurers

From HM Revenue & Customs · Insurance Policyholder Taxation Manual

The Life Insurance Qualifying Policies (Statement and Reporting Requirements) Regulations 2012 (SI 2013/1820) – 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. The 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

There 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

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

Exceptions

The reporting requirements do not apply to:

  • qualifying policies issued before 6 April 2013 and

  • pure protection policies – see IPTM2072.

Record keeping requirement

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