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Axa IoM set for HMRC challenge

Axa Isle of Man is to go up against HM Revenue and Customs before the Special Commissioners later this month.

The case, which is being heard on October 18 and 19, is the culmination of a long-running disagreement between the insurer and HMRC over whether its estate planning bond can be sold to clients aged over 90.

The case was originally expected to be heard by the Special Commissioners last year and the judgment from the delayed hearing is not expected to be delivered for around six to eight weeks.

The case revolves around a technical issue over whether discounted gift trusts like the estate planning bond are effective if taken out by an individual aged over 90.

HMRC argues there is no market to buy the income stream from the trust so it has no resale value. It says any buyer would want to protect their income stream by buying a life insurance policy but over-90s are uninsurable. Axa will dispute this argument.


IMLA says house price slowdown does not mean housing crash

IMLA says recent slow down in house prices should not be interpreted as an early indication of a housing market crash.Executive director Peter Williams says: “It was inevitable that the housing market would experience a slowdown in activity and pricing levels following the disruption in the financial markets which led to a temporary reduction in […]

Rowley to run M&G property

M&G has passed on the management of its £1.3bn property portfolio to Fiona Rowley, with current manager John Cartwright becoming deputy.Rowley has been deputy manager on the fund since launch in November 2005 but has slowly taken over day-to-day management of the fund.She has spent 13 years with M&G, initially joining the Prupim team in […]

Talks on tax charges over non-domiciles

Chancellor Alistair Darling says he will consult on levying tax charges on non-domiciled UK resi-dents who have lived in the UK for seven years, increasing the charge at the 10-year mark. Darling criticised Tory calls for a flat-rate annual charge of GBP25,000. But Grant Thornton says anyone resident before 2001 will be hit by the […]

Fears over maximum protection age

Most providers have not increased the maximum age of their income protection policies from 65 years despite the Government extending the state pension age to 68.The state pension age is currently 65 for men and 60-65 for women but from 2010 it will gradually increase so everyone born after April 6, 1978 who are currently […]

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]


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