Last year's Pre-Budget Report highlighted issues affecting the offshore market. Luanne Ahearne takes a look at the changes
From the offshore life assurance industry's point of view, two negative issues arose from the Pre-Budget Report last year. The first of these related to legislation to bring life insurance policies (excluding protection policies) and annuity contracts held by UK resident companies under the Loan Relationships legislation as from 6 April 2008. The second and most controversial issue, related to the Government's announcement that they would introduce a flat rate of capital gains tax (CGT) of 18% from 6 April 2008, simultaneously abolishing indexation and taper relief. Regarding the first is...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
