IHTM20231 - Life Policies: policy on the deceased鈥檚 life not connected with any other transaction (except a trust): policy effected by the deceased for their own benefit but gifted later: value of policy: general rule
As a general rule the value of a life policy is its open market value in accordance with IHTA84/S160. 皇冠体育app open market value (IHTM20083) is the amount for which the policy could be sold, and might be more than the surrender value (IHTM20083).
皇冠体育app Actuarial Team is responsible for the valuation of life policies on an open market basis.
皇冠体育app guidance at IHTM20241 explains the special rules for the valuation of policies for Inheritance Tax purposes in certain circumstances.