Tax insurance crackdown backdated
The government is to backdate its life insurance tax crackdown to take effect before the next Finance Bill, which implements it, comes into force.
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Artificial transactions such as intra-group transfers of assets and bed & breakfasting will be targeted from 23 December 2002.
But changes affecting case 1 profits, artificial transfers of business proposals and overseas life insurance companies will take affect from 1 January 2003.
The crackdown was reported to parliament last week by paymaster generalDawn Primarolo in a written answer to a question in the Commons.