View more on these topics

Century Life overturns VAT tribunal


Century Life has successfully overturned a VAT tribunal&#39s refusal to grant VAT exemption for pensions misselling work in the High Court.


VAT exemption usually applies to all services performed by agents, related to the provision of insurance contracts. The tribunal had ruled that the review of pensions misselling was outside the normal work of an insurance agent and so was not eligible for VAT exemption.


Century Life&#39s chief executive Chris Little says the High Court ruling is very significant to life offices using third party administrators such as Century&#39s outsourcing arm, Century Financial Services.


He said: “I was astounded by the original decisions of the tribunal back in 1998 and we have been working to correct it ever since. We have always maintained that it is incidental that the work was ordered by the Government.”

Recommended

FSA issues stock tips warning

The FSA has issued a warning to investors about the sources of thousand of stock tips that appear daily on internet bulletin boards.The regulator has been quick to emphasise that the majority of such tips are likely to be genuine in nature.But it has published an alert on its consumer website pages pointing out that […]

Pioneer has sight set on a top spot

The Pioneer Friendly Society says it plans to become a top ten income protection insurance provider and has announced a 21 per cent increase in new business for 1999.New premiums rose to £4.35m in 1999 from £3.3m in 1998.The Wiltshire-based IFA-only office is kicking of its grand plan with a new product and website to […]

BoS to jump on e-commerce bandwagon

The Bank of Scotland is set to hop on the e-commerce bandwagon and launch internet banking services in Europe.It plans to set up internet banks in Germany, France or Spain following its loss of the £24 million bid for the National Westminster Bank to arch rival The Royal Bank of Scotland.It refused to confirm what […]

Eurolife launches investment bonds for IFAs

Eurolife is launching a range of investment bonds to the IFA market.The range includes a five year Capital Protected Bond Isa, a One-Year Plus Guaranteed Bonus Bond and an International Zero Risk Capital Bond for the offshore market.The Capital Protected Bond Isa provides 100 per cent return of capital after five years with the potential […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment