Purchasing a life policy

Segilla | 22:02 Sun 02nd Sep 2007 | Business & Finance

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If I were to purchase a life policy (giving a better price than firms will give), from a friend whose life expectancy is very limited, Am I right in thinking that I'll not be liable for CGT on the proceeds when the time comes to cash it in.
What is the position if *I* should die and the policy becomes an asset?

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