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The Revenue published its final provisions on pre-owned assets tax last Wednesday, stating they “do not impose new costs on businesses”. The ABI is disappointed that small businesses are not exempt from the tax, believing the rules around inheritance tax should not apply to these groups because they are not deliberately avoiding tax. Skandia also points out that the change covers insurance policies taken out before March 17, 1986 in which a person saves regularly in trust. Senior manager, market development Colin Jelley says: “Thousands of small businesses and savers will have to change the arrangements put in place, possibly up to 20 years ago, incurring a new cost. “In the case of small businesses, these are specifically protected from IHT as they are commercial arrangements. There have been strong representations made to the Government on behalf of small savers and small businesses. It seems that we have been ignored.” Skandia says that the Revenue has indicated it does not expect to get any additional revenue from the change but the life office believes it will.