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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.”


FSA issues stock tips warning

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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

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Eurolife launches investment bonds for IFAs

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