My client has recently encashed a flexible investment plan which was offered with life cover. I believe this was intended to be a qualifying life policy so that no income tax would be payable if the plan ran for ten years.
My client started the plan in December 1989 and paid £400 a month for the first ten years. At the end of the first ten-year anniversary he elected to extend the plan for a further ten years and continued to make monthly contributions of £400. At the conclusion of the second ten-year period the client elected for a nominal contribution option which required him to make annual payments of £5 for each policy segment. He did this for nine and a half years until he encashed the plan in July 2019.
The chargeable event certificates show a period of 29 years...
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