Life insurance transfer using deed of assignment

I am the policyholder and beneficiary of a life insurance policy on my father's life. My understanding is that, if I surrender the policy, the proceeds will be treated as income. For me, this means I would pay tax at the higher rate. Can I submit a deed of assignment to the insurance company, transferring ownership of the policy to my wife? If she then surrenders the policy, she would pay tax at the lower rate. Or possibly no tax, as the surrender value is slightly less than her unused personal tax allowance. If it makes a difference, the policy is classified as "non-qualifying", as it was originally taken out by my mother but was transferred to me when she died (at the insurance company's request - and no mention was made by them regarding the implications!). Thanks. Doug

Hi,
This is allowable for tax purposes, but you would also need to check with the insurance company that they will accept it.
Thnk you.