Scottish Widows to dispute HMRC tax verdict

The provider is appealing an earlier decision given in favour of HMRC. A Scottish Widows spokesperson said the provider overpaid tax in 2001 and is appealing for a refund. Between 1999 and 2001, Scottish Widows was demutualised and its business bought by Lloyds TSB Group. In 2000, Scottish Widows plc was formed by Lloyds to acquire the business of the Scottish Widows Fund and Life Assurance Society as it was then. Scottish Widows plc then created a fund to maintain its long-term insurance business and, within it, a capital reserve account holding some shareholders' capital was e...