IPTM7235 | Audits of insurers: introduction

HMRC Large Business Edinburgh Audit (LB Audit) undertake inspections to ensure that insurers have met their obligations to report chargeable events and gains.

The purpose of the audit

Auditors will inspect insurers’ records and review their procedures to confirm that, where necessary, a correct chargeable event certificate has been delivered following:

• a death giving rise to benefits under the policy

• the maturity of the policy

• a surrender in whole or in part of the rights conferred by the policy

• a whole or part assignment for money or money’s worth of those rights

• an occurrence of a personal portfolio bond event.

Auditors will also check that procedures are in place to recognise changes in qualifying status following certain variations to the policy or contract.

Contact

For queries on the audit regime contact:

HM Revenue & Customs

Large Business Audit

SO862

Newcastle

NE98 1ZZ