ABI lobbies for changes on life funds

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The ABI is lobbying the Government to reduce the capital gains liability on life funds from 23% to 2...

The ABI is lobbying the Government to reduce the capital gains liability on life funds from 23% to 20%. In light of the pre-budget changes to CGT rates, the ABI plans to renew its efforts to get the Government to re-examine the way in which life funds are treated on capital gains. At the moment life funds are taxable on their investment income and capital gains less management expenses. The rules for splitting the gain between policyholders and shareholders is that shareholders are taxed at the normal rate of 30% corporation tax. Policyholders are taxable at 20% on investment income but...

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