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Capital

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  • September 27, 2006 at 10:08 am #22795
    Anonymous
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    Wondered if anybody had a link to CIS/733/1995 reported as R(IS)7/98?

    I’m preparing a submission for the TS; claimant has a Versatile Investment Plan with Friends Provident which includes some life cover. The investment has a surrender value and can be cashed in at any time. We’ve treated this as capital. Should it be disregarded?

    September 27, 2006 at 10:19 am #9619
    Anonymous
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    http://www.osscsc.gov.uk/judgmentfiles/j765/Is07_98.doc

    In regard to the policy, my own view is that if the plan has a life insurance element, it is fully disregarded. If you are going to value it, however, you would need to bear in mind that there are many types of life insurance schemes on the market which also double as savings plans, and while it is usual that they can be cashed in early, there is normally a financial penalty involved, usually something like a loss of interest accrued to date.

    September 27, 2006 at 2:36 pm #9620
    Anonymous
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    thanks for your help!!

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