Annual social levies on the euro-denominated part of multi-fund life insurance policies

Article 22 of the 2011 Finance Act provides that social levies on income from the euro-denominated part of multi-fund life insurance policies are due every year, when credited to the policy, and no longer only when the policy ends or on death (Article L. 136-7 of the Social Security Code). If the levies paid annually exceed those calculated at the end on all income, the excess is paid back into the policy. The rule covers income credited from 1 July 2011, excluding interest and profit-sharing for the 2010 financial year. The article also sets up an annual levy for the National Family Allowance Fund until 2019.