These types of policies give rise to an annual charge as well as to the other charges that arise on a gain. In general, a Personal Portfolio Bond (PPB) is a life insurance policy where the benefits payable are determined by the value of certain property chosen directly or indirectly by the policyholder , rather than investment funds generally available to other policyholders. The charge will arise if the policy is a PPB at the end of the insurance year . You are treated as having made a gain of an amount equal to 15 per cent of premiums paid, with the premiums paid being treated.