The tax, which was unveiled in the chancellor’s pre-Budget report, aims at putting a levy on the surpluses of insurers’ life funds.
Initially, the insurance industry was given just four days to respond to the tax proposals.
However, Gordon Brown has now announced that the tax will be included in a Finance Bill due to be laid before Parliament next Spring, giving the finance industry at least another three months to lobby against the proposal.
Insurers claim the tax could cost them dear.
Legal & General claims the tax would cost the company £300m over the next 15 years.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year