Sunday Times: Money Q&A: Can you explain how a Section 72 insurance policy works to help me protect my loved ones?


According to Barry McCutcheon, Proposition Lead with Royal London, you can decide whom you want to receive your assets — your home, savings or possessions — after you die. But if you leave them to someone other than your spouse or civil partner, they could have to pay a 33% inheritance tax if the value of the assets is above a certain threshold. This amount depends on the relationship between the owner of the assets and the person inheriting.