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What is Time Apportionment Relief and how is it calculated?

This relief applies where an offshore bond is held by a chargeable person who is UK resident for only a part of the period between the policy’s inception and the chargeable event.

What is Time Apportionment Relief?


Time Apportionment Relief can be applied by expats who may return to the UK in future. This relief is calculated in proportion to the time spent outside of the UK during the period prior to the chargeable event.


How is it calculated?


Total number of days the policyholder is UK resident X Gain

The total number of days the policy is in force.


You can find an example of Time Apportionment Relief in our Taxation of Offshore Bonds Guide.