With less than a month until A-Day, the Association of British Insurers (ABI) is lobbying the Government to release final details and clarification on a number of outstanding issues and regulations.
Although there is a large list of issues from the Finance Act, which need clarification, the ABI has been focusing most of its attention on the rules covering the recycling of tax-free cash, how Inheritance Tax (IHT) rules will apply to pensions, particularly the Alternatively Secured Pension (ASP), and the relationship between enhanced protection and life cover contributions. On the issue of tax free cash, the ABI has asked Her Majesty’s Revenue and Customs (HMRC) to either remove or fundamentally change the proposed rules, as it raises major concerns over excessive liabilities ad burden...
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