Qualifying WOL - chargeable event?
i'm looking at WOL plan, which meets all the conditions to be qualifying policy but is only just 9 years old. It wasn't placed in trust at outset!
If I put it into trust now:
- Is that a chargeable event?
- What is the calculation for the tax liability? (in this case, the premiums paid are £31,500 but the value is only £22,000. Obviously units have been cancelled to pay for the life cover in the meantime.
Also, as a rider question, if the premiums increase to more than £3,600 at the review next year, what is the impact on qualifying status?
Chartered Financial Planner