What is the value for IHT purposes on first death of a joint life second death policy? Is it the full value, or 50% (assuming they held in equal shares)? Spouse exemption will apply so possibly academic but it should be declared accurately on the IHT400. I had it in my mind that the full value had to be included.
Is it in the estate? Wouldn’t you usually hold the policy on trust to avoid paying IHT on the proceeds?
It’s in the estate.
Kind regards
Elise
What sort of policy is it? Is it a term assurance policy (at one extreme) or an investment bond (at the other extreme). Or something in between? The answers could be very different