Skip to content
Solved

IPTM7185 | Certificates for HMRC: types of chargeable events

From HM Revenue & Customs · Insurance Policyholder Taxation Manual

Codes for each type of chargeable event

The number codes to be entered on the certificate for HMRC are listed below. Further details about each of these types of chargeable events are given in the detailed guidance from IPTM7300 onwards.

  1. Death.

  2. Maturity.

  3. Full surrender including fundamental reconstruction of the policy, such as on changes of life or lives assured.

  4. Whole assignment for money or money’s worth.

  5. Excess event.

  6. Part surrender or assignment event where the ’relevant transaction’ is a part surrender.

  7. Part surrender or assignment event where the ’relevant transaction’ is a part assignment for money or money’s worth.

  8. Personal portfolio bond event.

For the purpose of reporting the type of event on certificates to HMRC, excess events and part surrender or assignment events are separated into 3 different categories, depending on how the event arose. More details on these types of events are given in IPTM7500 onwards but a summary of the circumstances in which they arise is given in the table at IPTM7190.

Although these codes are needed in reporting chargeable events to HMRC, it is not sufficient to use them to report events to policyholders without any further description on the certificate.