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Published on 27 January 2017

Draft Finance Bill 2017: Life insurance policies: recalculating gains on part surrenders

While this measure introduces a fair and coherent solution to a legislative problem that has caused gross unfairness to some taxpayers, we have some serious concerns over the draft legislation itself and practicability of its application. We recommend the draft clause be amended to include the right of appeal, the period for application for a recalculation be extended to four years instead of two and that the guidance material be published as soon as possible to allow for proper debate.

The LITRG submission can be found here: 

Kelly Sizer

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