Standard Life Wants Bond Tax Change
Published / Last Updated on 24/02/2008
Standard Life Wants Bond Tax Change
Standard Life says scrapping taxes on gains within insurance bond funds is the best way to stop the damage that Chancellor Alistair Darling’s capital gains tax changes would do to the insurance industry. They believe that taxes on gains within the bond funds should be scrapped but the 20 per cent tax on both income and gains on exit from the fund should be kept. However, The Association of British Insurers (ABI) is thought to have called on the Treasury to continue taxing income and gains within insurance bond funds at 20 per cent but for the exit taxes to be removed.
Our view
Whatever Standard Life want it is too late. The capital gains tax changes on investment bonds will come into force in the new tax year.
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