Summary
The 2006 Spring Budget changed the treatment of some life policies written in trust. This article explains the tax position unveiled by the Finance Bill.
Life Insurance. How the new regulations affect policies written in trust.
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- Why Should I Even Bother to Buy Life Insurance?
- The case for having life insurance
- Life Insurance and the Law. A layman's introduction.
- This article is an introduction to the regulatory and legal aspects of buying Life Insurance which the layman should find interesting and useful. Special reference is made to buying life insurance on the Internet.
- Life Insurance and the Law. A layman's introduction.
- This article is an introduction to the regulatory and legal aspects of buying Life Insurance which the layman should find interesting and useful. Special reference is made to buying life insurance on the Internet.
- Life Insurance Providing Little Protection from Terrorism
- We sincerely hope that you are never caught up in a terrorist attack. But if you were would your insurance stand up for you ?
Then, following the publication of the draft Finance Bill, the estimates fell to 1 ( medical insurance ) million people. So, with specific reference to life insurance policies written in trust, whats happening?
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Well firstly before we go any further, we have to make the point that this article is commentating on the position based on the first draft of the Finance Bill - and itll be early July 2006 before that bill becomes law. As I write, the legislation still has to pass through parliament and its possible that the situation could change yet again. If it does I will keep you informed.
Within weeks of the budget speech, the Government retreated from its ( cheap mortgages ) previously held position that all life policies written in trust are caught by the new legislation. The current position is that if your life insurance policy was written in trust before budget day 2006, then the money in the trust remains totally free of tax and fees. The legislation is not now to be retrospective. Thats one headache dispensed with.
However, if your policy was written in trust after the Spring Budget Day in 2006, then ( best mortgages ) the new tax rules do apply. (medical insurance)
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