HMRC under pressure on recycling rules

Both individual providers and the Association of British Insurers (ABI) have approached HMRC to point out the current guidance is overly complicated and unworkable. However insurers admit the rules cannot be removed altogether, as it is a ministerial decision from the Treasury which was announced in the pre-Budget report. The best they can hope for is a relaxation of the rules to make them less pervasive. Scottish Equitable and Norwich Union, along with the ABI, have expressed concerns over the complexity of the guidance, and have put forward their own suggestions to make the process si...