Commission rebate on the Budget agenda

Thankfully this year's UK Budget was a very quiet affair compared to last year's whopper. However, there was one change that will affect life policies that was not entirely unexpected. In some instances where an IFA rebates insurance commission, the receipt will be taxable. Commission rebates have been singled out for attention by the taxman before. Back in the mid 1990s the Government attempted to introduce a change to the law that would have made a commission rebate taxable in the hands of the client. Quite rightly there was a big outcry at the time these proposals were announced. Unf...