Taxes Consolidation Act 1997 section 730I

Returns on acquisition of foreign life policy

Section 730I requires a person who acquires a foreign life assurance policy to include specified particulars of the acquisition in their return of income for the chargeable period concerned.

• A person who acquires a foreign life policy in a chargeable period is automatically treated as a chargeable person for self-assessment purposes, regardless of whether they would otherwise be so treated.
• The return of income for the chargeable period in which the policy is acquired must include the name and address of the person who commenced the policy.
• The return must also include a description of the terms of the policy, including the premiums payable under it.
• The name and address of the person through whom the policy was acquired must also be disclosed in the return.