ABI joins attack on "with-profits tax"

Peter Vipond, director of financial regulation and taxation at the ABI agrees the tax hike will hit with-profits and endowment policyholders hard at a time when funds are only now beginning to recover from market losses. ”Hidden away in the pre-budget report is an attack on policy holder funds in with-profits business. This attack is wrong in principle and wrong in practice. The Revenue should not, as a matter of principle, try to sneak through a significant tax increase by order rather than through primary legislation,” says Vipond. “This tax hike, which seeks to apply shareholder ta...