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Life insurance deficiency relief

HMRC has backtracked on their original statement of 24 March 2010 that life insurance deficiency relief would apply to the additional rates of income tax as from 6 April 2010. This would have seen a favourable tax result for individuals set to pay tax at the additional rates of 50% and 42.5% as they could claim relief at the additional rate despite originally having suffered tax at the higher rate.

Life Insurance Policies – Deficiency relief to be available at the new 50% and 42.5% rate of tax

Deficiency relief is available to an individual whose non-qualifying life insurance policy, life annuity policy or capital redemption policy comes to an end producing a negative result in its tax calculation for the purpose of the chargeable events legislation and previous chargeable events triggered a chargeable gain.

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