Eurolife is to pay out the £5m in assets it withheld from bondholders while it waited for the result...
Eurolife is to pay out the £5m in assets it withheld from bondholders while it waited for the result of a High Court test case with the Inland Revenue over the level of taxation due on high yield and guaranteed growth bonds. The group withheld 4.75% of bondholders' maturity payments in June 2001 after the Inland Revenue announced that gains on high yield and guaranteed growth bonds were taxable as income, rather than capital gains as groups had believed. The monies, which in total amount to some £5m, formed part of Eurolife's provision in case the verdicts in test cases brought before t...
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