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Chargeable Event Types

For UK tax purposes, an offshore bond is classed as a non-qualifying policy. This section explains how the Chargeable Events regime works and how it applies to UK resident policyholders who are subject to the Chargeable Events legislation (ITTOIA ss461 to 546).

A Chargeable Event can arise upon:

  • The Death of a life assured
  • Maturity
  • Full surrenders
  • Partial surrenders
  • Regular & Lump sum withdrawals
  • Full assignment for money’s or money’s worth
  • Part assignments
  • Policy loans
  • Any major reconstruction to the policy