Estate Duty in Relation to Life Policies, Annuities and Pension and Life Assurance Schemes

Synopsis

The aim of this Paper is to provide a concise guide to Estate Duty Law as it affects policies of assurance and other contracts entered into by Life Offices in the course of their everyday business.

Part I, which is introductory, sets out the main enactments which render property liable to Duty, and covers such matters as aggregation and valuation of property.

The liability of various types of Life Policies to Duty is dealt with in Part II, special reference being made to policies effected under the Married Women's Policies of Assurance (Scotland) Act, 1880, and the Married Women's Property Act, 1882, and to Partnership and Nomination Policies.

Annuities of various types and their liability to Estate Duty are dealt with in Part III.

The treatment of Group Life Assurance and Pension Schemes and other superannuation benefits in Part IV is, of necessity, general in its nature, because of the great variety of such arrangements. An attempt has been made to select the main types and to discuss their liability to Estate Duty.