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Life Policyholder Taxation

The only proposal announced impacting on the taxation of life assurance policies is that changes are to be made to the rules which determine which policies qualify as overseas life assurance business (OLAB). Following consultation, changes will be made to the legislation, with the intention of increasing the competitiveness of UK insurers selling abroad. These changes follow changes made to the compliance regulations last year which made it easier for UK insurers to sell OLAB policies abroad.



The intention is that the existing rules will be replaced as soon as possible after Finance Bill 2000 receives Royal Assent.

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