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Annuity contracts issued by friendly societies

The chargeable events rules apply to certain annuity contracts. The rules at the moment are inconsistent and apply to some annuities sold by friendly societies that would not be covered if sold by other insurers.

The Government proposes a new measure, which will take effect on 9 April 2003, which will ensure that the chargeable event gain rules apply consistently to annuities whether they are sold by friendly societies or other insurers. In particular, it will put it beyond doubt that the chargeable event gain rules do not apply to annuities sold by friendly societies which are purchased under or for the purposes of an approved pension scheme or contract.

The proposed revision will make the rules consistent and will put it beyond doubt that annuities sold by friendly societies which are purchased under or for the purposes of an approved pension scheme or contract do not give rise to chargeable event gains.


Tax planning for the DC tax regime

The new DC tax regime has introduced a number of very attractive tax planning opportunities which include Children and Non-Working Spouses The ability to be able to normally contribute up to £3,600 gross to a new DC tax regime scheme, for any individual aged under 75 who is resident and ordinarily resident in the UK, […]

FSA bans adviser for unauthorised secondhand sales

The FSA has banned Yorkshire financial adviser Kevin Allsop from working in the financial services industry after selling secondhand endowment policies without authorisation.The regulator has evidence that Allsop bought at least 55 secondhand endowments and sold 50 of them to 50 different people between 1994 and 2001. It says that most of the polices have […]

Debate the Live issues

Money Marketing is offering IFAs a unique opportunity to grill the industry&#39s regulators and take part in a lively debate over the future of financial services regulation. With 18 consultations affecting IFAs and a myriad of regulation changes facing the industry, this is your chance to get the lowdown from the decision-makers and key protagonists […]

Gains from policies held on a charitable trust

The Chancellor proposes that, with effect from 9 April 2003, trustees of charitable will only have to pay tax at the basic rate which means that for most UK policies they will currently have no tax to pay. The background to this change is the chargeable event rules that apply to chargeable events on policies […]

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