Axa has identified that some of its investment funds within Axa Sun Life Assurance Limited, could be liable for Capital Gains Tax. They have also found that they have not been paying the correct amount of tax and therefore, not recovering enough from the policyholders.
In a bid to correct this, they have agreed with the HM Revenue & Customs and the Financial Services Authority, to increase the fund prices of the affected funds. The funds that are affected are UK Equity Fund, Global Equity, North American, European and Higher Income Fund.
Our view
Axa have changed their processes to avoid this happening again. They are confident that the matter is under control, but should you have any queries; please contact us and we will try to help you.