information

We use cookies to make sure your experience is as good as it can be. If you’re happy with that, just continue using the site. Learn more about cookies here.

skip to main content

Read our latest and older news articles here

News

Back to News Articles

Liverpool Victoria closes Life Protection with Tax Relief

Following the announcement in the Pre Budget Report on the 6 December and the uncertainty over the future of Pension Term Assurance (PTA), Liverpool Victoria has decided to temporarily withdraw its Life Protection with Tax Relief product for new business.

Liverpool Victoria is working with HMRC and the ABI regarding the implications of the Pre Budget Report.

Our arrangements for processing existing Life Protection with Tax Relief applications are as follows:

Clients whose Life Protection with Tax Relief applications were on risk on or before 5 December 2006 are unaffected.

Existing pipeline Life Protection with Tax Relief applications will continue to be processed. However the option is available to switch these applications to level term assurance via Liverpool Victoria's mimi Flexible Protection Plan, prior to commencement.

If you have any pipeline Life Protection with Tax Relief business please contact us on 0800 028 6333 or [email protected] as soon as possible, with the details of any clients you wish to be switched to mimi. In any event, we will endeavour to contact you either by phone or letter to ask how you wish us to proceed.

To make switching as "hassle free" as possible we won't need a new application form. We will simply send you a mimi illustration based on the same term and level of cover, along with a Key Features Document and a declaration to be signed by your client, accepting the revised policy terms.

Tax relief on premiums for Life Protection with Tax Relief policies issued on or after 6 December 2006 can only be guaranteed until the Budget 2007. The availability of tax relief beyond that date is subject to consultation.

For Life Protection with Tax Relief applications received on or after 9 December we will endeavour to contact you for instructions. In the meantime, to reduce any potential negative impact on your client, we will commence underwriting on the assumption that they will proceed as mimi level term assurance.

If you have any questions about our arrangements, please contact your account manager.

Based on our understanding of current legislation and HM Revenue Customs practice, which is subject to change. Correct as at 8 December 2006.

Bookmark with:

  • reddit

    FOR UK FINANCIAL ADVISERS ONLY
    LV=, County Gates, Bournemouth, BH1 2NF, UK