A special commissioner's hearing into whether onshore high income bonds are eligible for capital ...
A special commissioner's hearing into whether onshore high income bonds are eligible for capital gains tax began this week. The result will be published but isn't likely to be known for at least few weeks, says the Inland Revenue.
The special commission has been appointed by the Lord Chancellor's department and is comprised of lawyers who have been practising for at least ten years. The Inland Revenue guaranteed the commission is totally independent.
The tax advantages of investing in onshore high income bonds are acutely sensitive to the result, as is the outstanding issue of whether Eurolife's High Income bond investors will receive the 4.75% cut of their original capital that Eurolife imposed to safeguard it against an opposing ruling.
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