New legislation will address income tax avoidance under the ‘chargeable event’ regime ‘by putting beyond doubt that gains liable to income tax are not reduced where there are certain untaxed gains earlier in the life of the policy or contract, or by the use of certain cluster policy arrangements’
New legislation will address income tax avoidance under the ‘chargeable event’ regime ‘by putting beyond doubt that gains liable to income tax are not reduced where there are certain untaxed gains earlier in the life of the policy or contract, or by the use of certain cluster policy arrangements’, according to HMRC’s draft explanatory note.
The Budget report said: ‘The changes will apply to policies issued on or after 21 March 2012, and to policies issued before this date in certain cases. The government will also consult on reform to rules in the chargeable event gains regime that reflect a policyholder’s period of residence outside the UK, with a view to legislating in Finance Bill 2013.’
New legislation will address income tax avoidance under the ‘chargeable event’ regime ‘by putting beyond doubt that gains liable to income tax are not reduced where there are certain untaxed gains earlier in the life of the policy or contract, or by the use of certain cluster policy arrangements’
New legislation will address income tax avoidance under the ‘chargeable event’ regime ‘by putting beyond doubt that gains liable to income tax are not reduced where there are certain untaxed gains earlier in the life of the policy or contract, or by the use of certain cluster policy arrangements’, according to HMRC’s draft explanatory note.
The Budget report said: ‘The changes will apply to policies issued on or after 21 March 2012, and to policies issued before this date in certain cases. The government will also consult on reform to rules in the chargeable event gains regime that reflect a policyholder’s period of residence outside the UK, with a view to legislating in Finance Bill 2013.’
