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Taxation of Life Policies

A recent ABI Circular puts forward the possibility (for consultation) of greater information being provided by insurers to policyholders to facilitate clearer and better understanding of when a return to the Inland Revenue need (or need not) be made.

Of course, the only statutory requirement to report gains (under section 521 ICTA 1988) is that imposed on the life office providing the policy on which the chargeable gain has arisen to report gains (through chargeable event certificates) to the Inland Revenue. The certificate does not even have to include the amount of the gain.

It is thought that by providing more information the chances of incorrect returns will fall dramatically.

This is not the first time this point has been addresses. An LIC circular on the same subject was issues in 1996.


Kellands take the plunge

Bristol based IFA firm Kellands joined up with other financial services teams in a sponsored abseil to raise cash for the charity.The event which took place on the weekend of June 26 to 27, saw Kellands&#39 staff joined by teams from Axa Sun Life, Royal & SunAlliance and local radio station GWR FM to raise […]

Reardon moves to Zifa

Pensions guru Tony Reardon is transferring from Allied Dunbar to Zurich IFA, the IFA marketing arm of Zurich Financial Services.Reardon says: &#34My new role involves marketing to a wide range of IFAs, from small one-man bands to large employee-benefits consultants, both in the UK and overseas.&#34The IFA market is a change of focus. I&#39ve been […]

Investec Bank launches cash Isa

Investec Bank (UK) has launched two cash Isa accounts which pay IFAs 0.5 per cent commission.The Premier Tessa-Isa is available for investors transferring the balances of their matured Tessa&#39s, while the Premier Cash-Isa is for new savers.Both Isas pay a current variable rate of 6 per cent. Interest can be paid either on a monthly […]

Coventry Building Society appoints former minister

Coventry Building Society is appointing former Conservative cabinet minister Gillian Shephard to its board of directors.Shephard is the MP for South West Norfolk and between 1992 and 1997 she served in various cabinet positions.She served as Secretary of State for Employment 1992-93, minister for agriculture fisheries and food 1993-94, Secretary of State for Education 1994-95 […]

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them


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