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ARTICLE · 09 OCTOBER 2011

Preliminary Ruling On Life Insurance Saving Agreements And Capitalisation Agreements

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The Finnish Central Tax Board ("CTB") gave on 18 May 2011 a preliminary ruling (KVL:034/2011) regarding the duty to pay tax in connection with transfers of investments.

FinlandInsurance
Janne Juusela
Janne Juusela
Heikki Wahlroos
Heikki Wahlroos

The Finnish Central Tax Board ("CTB") gave on 18 May 2011 a preliminary ruling (KVL:034/2011)  regarding the duty to pay tax in connection with transfers of investments in life insurance saving agreements and capitalisation agreements where the taxpayer has the right to decide on which assets the policy funds are invested in.

Life insurance saving agreement refers to a life insurance policy that combines life insurance with the features of a savings and investment account. The gains from the investments ac-cumulate tax-deferred. Capitalisation agreement refers to an investment-linked insurance with no insured person, which is usually concluded for a fixed period of time and often used by enterprises for medium and long term investments. Like in life insurance saving agreements, also in capitalisation agreements gains from investments accumulate tax-deferred.

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