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In My Opinion

Peter Stokes retired last month having worked in tax for 36 years both in the Inland Revenue and in the private sector. He has offered The Tax Journal some purely personal parting thoughts
Elsewhere in this issue readers will find an account of the changes to insurance taxation that were included in this year's Finance Bill. They include rules that will treat the making or repayment of some loans made to life insurance companies as trading receipts of those companies. Even in the arcane world of life assurance taxation this is absurd and will result in some companies paying tax on unreal profits. But we can be sure that this absurdity will become the law of the land at about the time that this issue of The Tax Journal hits...

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