This year's pre-Budget report is likely to impact on offshore life assurance policies, but the outlook is not necessarily gloomy. Luanne Ahearne looks at some of the positive aspects of investing offshore
The pre-Budget report 2007 unveiled two items of proposed legislation that will have an impact on offshore life assurance policies. The first of these relates to legislation to bring life insurance policies (excluding protection policies) and annuity contracts held by UK resident companies under the Loan Relationships legislation as from April 2008. The second and more controversial point relates to the Government's intention to introduce a flat rate of capital gains tax (CGT) of 18% from April 2008, simultaneously abolishing indexation and taper relief. Such a proposition clearly has m...
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