Tax avoidance focus is not as harsh as changes suggest

Several significant changes were made to tax avoidance rules yesterday by the chancellor Gordon Brown, as part of this year's Budget. That said, many of the tax avoidance loophole closures were previously announced or at least provided the clarification life offices required on different types of scheme use. Until now, technical experts at life companies have been unable to clarify how exactly the new rules concerning the tax treatment of pre-owned assets should be applied, and who they will affect. However, Margaret Jago, technical support manager at Scottish Equitable, says it is...