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Tax to rise on life bonds

Higher-rate taxpayers will face a tax rise of 2 per cent on encashment of life investment products next year after changes to the taxation of life investment bonds in last week&#39s Budget. The underlying life fund will be taxed at 20 per cent rather than 22 per cent, leaving the higher-rate taxpayers facing tax bills of 20 per cent, the difference between the underlying rate and the 40 per cent higher rate, instead of 18 per cent as was previously the case on maturity.

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