Tax consequences of investment in life insurance and/or annuity contracts
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The work Tax consequences of investment in life insurance and/or annuity contracts represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
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Tax consequences of investment in life insurance and/or annuity contracts
Resource Information
The work Tax consequences of investment in life insurance and/or annuity contracts represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- Tax consequences of investment in life insurance and/or annuity contracts
- Language
- eng
- Summary
- Facts: Host Country Taxpayer is a high net worth individual who is interested in investing a portion of his or her assets in a life insurance policy insuring Taxpayer's life and/or an annuity contract issued either by Host Country life insurance company, or, alternatively, a foreign (offshore) life insurance company. For maximum flexibility and a potentially higher internal rate of return, Taxpayer will invest in a "variable" life insurance or annuity product that will permit Taxpayer to select among a number of investment options (representing different investment strategies, such as bonds, growth stocks, commodities, hedge funds, etc.) among which Taxpayer's premiums will be allocated. Questions: A. Host country definitions and income taxation of life insurance and annuity contracts; - What are "life insurance," "annuities" and "variable contracts" under Host Country's revenue laws?; - How is income earned under the life insurance and/or annuity contract generally taxed to Taxpayer during his or her lifetime?; - How are life insurance proceeds taxed to Taxpayer's beneficiaries upon his or her death?; - What are the tax results to Taxpayer if the contract is (a) sold, or (b) exchanged for another life insurance or annuity contract? B. Would any of the foregoing results be different if Taxpayer invested in a life insurance or annuity contract issued by a foreign (offshore) company? C. What would be the consequences to a non-Host Country Taxpayer who invested in a life insurance or annuity contract issued by a Host Country company?
- Citation source
- In: Tax management international forum. - London. - Vol. 28 (2007),
- Language note
- English
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/resource/n-C6ztT-B4M/" typeof="CreativeWork http://bibfra.me/vocab/lite/Work"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/resource/n-C6ztT-B4M/">Tax consequences of investment in life insurance and/or annuity contracts</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="https://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
