IMPORTANT INFORMATION – PAYMENTS AND ASSIGNMENTS FOR SURRENDER REQUESTS PRIOR TO UK TAX YEAR END 2025/2026
Cut off date to receive valid instructions that will apply to UK tax year end 2025/26 – payments and assignments for surrender
- Wednesday 1 April 2026 – All valid instructions received after this date will be completed on a best endeavours basis
Cut off date to receive payment before UK tax year end 2025/26
- Monday 2 March 2026 – Instructions received on or before this date will be paid subject to conditions outlined below. Any instructions received after this date will be completed on a best endeavours basis.
- Please use our Document Library to download the relevant Surrender Form.
- Monday 9 March 2026 – Instructions received on or before this date will be paid subject to conditions outlined below. Any instructions received after this date will be completed on a best endeavours basis.
- Sufficient cash must be available on the Policy (i.e. existing cash balance or following receipt of proceeds from requested asset sales/the custodian). NOTE: Time taken for a trade to complete varies depending on the holding and how regularly it trades.
- All necessary customer due diligence is held in accordance with our regulatory requirements.
- Where paying to an account not previously paid, we may also complete a security call where we feel it necessary.
Anti-Money Laundering requirements
Isle of Man and Irish financial institutions have a regulatory obligation to constantly review information and documentation we hold for our policyholders.
For payments, a full file review may be required and any deficiencies in our customer due diligence files must be satisfied before a payment can be released. To avoid the possibility of delay, we recommend submitting updated identification documents in accordance with our guidance:
- Utmost Anti-Money Laundering Guide: https://www.utmostwealthdocs.com/mb/BXH5yq
Additional information
Where an external Custodian is appointed – We are reliant on third parties when processing these transactions and this means that the processing can take longer than where the assets are not held with an external custodian. We recommend that you provide the required documentation as soon as possible. We suggest that you liaise directly with your custodian in relation to this should you require payment urgently on these transactions.
Where trades are placed to fund a payment – All trades need to be settled with redemption proceeds received from the external fund manager in order to complete your payment.
** If a chargeable event takes place due to a withdrawal in excess of any available 5% tax deferred allowance, then the chargeable event date will occur on the last day of the policy year, and this may fall into a future tax year **