FAQ's – Life Insurance – Qualifying Policies - HM Revenue & Customs

the significant modification (see Question 29 above) on or after 21
March 2012 of a qualifying policy issued before 21 March 2012 where
that modification results in the beneficiary being in breach of the annual
premium limit.
38) What is the effect of a policy becoming a RRQP?
The policy attracts full relief for the period up to the date that it becomes a
RRQP. From that date relief is restricted to the balance of the annual premium
limit not used up by other qualifying policies.
Link to Examples 8 -10
G. Declarations
39) When is a declaration required?
A declaration is required where:
a qualifying policy is issued on or after 6 April 2013
where a significant modification (see Question 29 above) is made on or
after 6 April 2013 to an existing qualifying policy
where a qualifying policy is assigned to someone else on or after 6
April and the assignment is an excluded assignment listed in Question
34.
40) Who should make a declaration?
Declarations are to be made by each person who is a beneficiary under the
policy (see section B).
41) Who should make the declaration in the case of a minor?
Minors will usually be represented by a person who has parental responsibility
over them and such a person may make the declaration on behalf of the
minor.
42) To whom must the declaration be made?
The declaration must be made to the insurance company that provided or is
providing the qualifying policy (see Question 44 below)
43) When must the declaration be made?
The declaration must be made within 3 months of the event in Question 39
having taken place.