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The Finance Bill measures on stakeholder and other &#34unified defined contribution&#34 pension schemes will include an exclusion from the chargeable events regime for life insurance policies held in connection with such pension contracts.

This will remove the possibility of anomalous taxable gains where a single policy held within such arrangements provides cover against more than one life assured. However, this anomaly remains where a term policy provides cover against more than one life assured outside a personal pension arrangement e.g. a group life arrangement under a Funded Unapproved Retirement Benefit Scheme (FURBS).

There are no other changes to policyholder taxation. In particular, there are to be no changes in this Finance Bill to the rules governing the reporting of chargeable events gains by life companies.


Pensions And Divorce

It is presently expected that the changes required to enable pension sharing to take effect will be implemented by the end of 2000. At present, where a couple divorce any pension benefits can only be dealt with either by offsetting or earmarking. The introduction of pension sharing will mean that clients and family lawyers will […]

Davies slow cure for reform “bungles”

FSA chairman Howard Davies says Europe should be aware of “hasty and bungled” reform of financial regulation.Speaking in Brussells he said Europe&#39s top priority should be overhauling the legislative framework for the financial services industry.He said that until there is a common European legal system implementation and enforcement should take place at member state level.Davies […]

Allied Irish gets mobile

Allied Irish Banks today announced that it is to rollout a new mobile phone banking service to customers from next month. Its “24 hour mobile” service is the latest development in the implementation of AIB&#39s strategy for “mobile” commerce. Subsequent phases will see a range of transaction based financial services using Wap technology. This will […]

Introduction Of Stakeholder Pensions

Although the new stakeholder pension contracts will not be introduced until 6 April 2001, and employers will not be required to offer access to a stakeholder scheme to their employees until October 2001 it is likely that the sales campaign for stakeholder pensions will develop as tax year 2000/2001 progresses. The Government are making more […]


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