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Life's Not Fair

Peter Stokes insurance tax partner Ernst & Young explains and comments on the proposed changes to life insurance taxation that were announced recently
The present Government is fond of describing its changes to the tax system as being fair. This often reminds one of George Orwell's doublespeak and never more so than on 23 December last year when Paymaster General Dawn Primarolo authorised the issue of a press release entitled 'Making Taxation of Life Insurance Companies Fairer'.
An accompanying note on the Inland Revenue website disclosed that these measures fell into three categories. The first affecting chargeable gains were to come into effect immediately. The second would change the way in which the trading profits of life offices were calculated in accounting periods beginning on or after...

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