Calculate the gain on death using the same TB minus (TD plus PG) formula but in this case TB is the surrender value of the policy immediately before death rather than the amount receivable as a result of death. Ask your insurer to tell you the value if they have not already done so.
It didn’t mention the IHT in this link, this is only mentioned income tax payable before inheritance
My Dad is UK tax resident and domiciled in UK
They have 2 life insurance policy
1. Term Life Policy(with no cash value)
2. Whole Life policy(With cash value : 100K , Death benefit 500K)
Is there any tax reliabilities to me as a beneficiary when he passed away ?
1. Is the death benefit pay out taxable for policy 1
2. For Policy 2, is the death benefit part taxable ? If it is taxable, the tax will counted as my Income tax or it would inculded in IHT?
Thank for your help
I am an BNO visa holder that I still have a property in HK
As I want to create some cash flow for my retirement from a life time mortgage program (Reverse Mortgage)
Using my overseas property.
May I know is the money received in such program are taxable or not?
Thank you so much