Tax insurance crackdown backdated

Link: Treasury under fire as it rejects plastic bag tax

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.

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