Life groups consider OLAB rules

A number of UK life companies are likely to stop offering term assurance offshore following new rules from the UK Inland Revenue which make UK-domiciled products more attractive. As of November 1999 all offshore term assurance products must be Overseas Life Assurance Business (OLAB) certified with the taxation changes this entails. OLAB is a regime under which the tax burden for overseas residents holding UK life assurance policies is eliminated. The Inland Revenue has relaxed certain requirements, especially those relating to certain declarations about themselves and their policies. An ...