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IPTM7165 | Certificates for HMRC: information to be provided on the certificate: ICTA88/S552(5)

From HM Revenue & Customs · Insurance Policyholder Taxation Manual

Insurers are required to supply the following information on chargeable event certificates to HMRC in all cases:

  • Insurer’s details: name and reference - see IPTM7170.

  • Policy details: policy number and currency code - see IPTM7170.

  • Number of appropriate policyholders in three digit form (for example 004),

  • Name and address of one policyholder and name of a second policyholder, if there is one - see IPTM7175 and IPTM7180.

Insurers are also required to report the following information about a chargeable event and gain, depending on the nature of the event. The information is the same as that required to be provided on certificates to the policyholder, but it must be provided in a prescribed format. Where a gain is less than £1 it need not be reported.

  • Type of chargeable event: the entry should be a code number according to the list given in IPTM7185.

  • Date on which event occurred, in the format DDMMYYYY. This will be the date of the transaction giving rise to the event, except for excess events (event code number 5) and personal portfolio bond events (code number 8), which are treated as occurring on the last day of the insurance year.

  • For part surrender or assignment events only (code numbers 6 and 7): date on which insurance year ends, in the format DDMMYYYY.

  • Number of years for top-slicing relief - see IPTM7560.

  • Amount of gain (except on whole assignments) rounded down to nearest whole pound (without any reduction for periods of non-residence for holders of post 16 March 1998 OLAB policies). Detailed guidance on computing the gain for each type of event is given at IPTM7500 to IPTM7650.

  • Whether there is income tax treated as paid, denoted by ‘Y’ or ‘N’, and the amount of tax (rounded up) - see IPTM7555.

  • For whole assignments only (event code number 4), amounts of

- premiums paid, rounded up - IPTM7130

- total previous gains, rounded up - IPTM7135

- total previous capital payments, rounded down - IPTM7135

- value of parts previously assigned, rounded down - IPTM7135

- exempt capital amounts paid on account of a purchased life annuity, rounded down - IPTM7135.