PTA tax removal 'benefits consumers' - HMRC

HMRC has published a regulatory impact assessment on its decision to remove tax relief on new PTA policies, which claims the measure gives rise to benefits for consumers, improves market efficiency and protects the taxpayer. It states: “The measure will benefit consumers in that it mitigates the risk of people taking out life insurance policies that may not be suitable for their needs and which, apart from the relief, are generally more expensive.” HMRC claims the measure will ensure consumers take decisions about life insurance on the basis of their personal needs and not on the basis ...