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ABI secures delay on life insurance rules

Date: 8 April 2005

The Association of British Insurers (ABI) has managed to convince the government to drop several controversial clauses in the current Finance Bill.

The ABI had raised concerns that certain clauses in the Bill could increase the government's powers over the taxation of life insurance companies.

Kate Webster, head of taxation at the ABI, said, "The original proposals would have allowed the government to amend tax rules for life insurers outside of the Finance Bill process and so avoid proper Parliamentary scrutiny.

"This will give Parliament adequate time to debate any future amendments to the current tax regime and to listen to the concerns of our member companies and their customers."

The ABI confirmed that it will continue to lobby the government on how to improve the current legislation.

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