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SHIP warns of confusion over taxation of home reversion

Professional standards body Safe Home Income Plans says reports in the press of a heavy tax on income from home reversion plans may be misleading. SHIP believes the Government legislation on pre-owned asset tax is not intended to penalise elderly people. The body is currently in talks with the Inland Revenue to discuss the exemption of home reversion plans from schedule 15 of the Finance Act and is confident the issue will be resolved in favour of reversion policyholders.

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