The UK’s HM Revenue & Customs (HMRC)
has published a consultation document inviting views on
proposals for the implementation of an annual limit to the amount
of premiums payable into qualifying life insurance policies.
The consultation is the next stage after the
UK government announced plans for a £3,600 ($5,645) annual limit
(out of date – mentioned in budget) on premiums paid into
qualifying policies (QPs) issued on or after 6 April 2013.
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In developing the necessary legislation and
procedures, HMRC said it is looking to ensure that the limit is
implemented effectively whilst minimising any additional
requirements for policyholders, the life insurance industry and
HMRC.
By limiting the amounts that can be paid into
QPs, HMRC said this measure follows similar principles to pension
and ISA reliefs, which are the main planks of the Government’s
strategy for savings.
The 12-week consultation runs from 15 June
2012 – 6 September 2012.
HMRC said a summary of responses will be
issued together with draft legislation in autumn 2012. The draft
legislation will also be the subject of further consultation.
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