UK BUDGET Government withdraws tax relief on pensions term assurance |
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Wed, 21 Mar 2007 18:36
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LONDON (AFX) - The UK government has withdrawn tax relief on contributions to pensions term assurance policies, potentially making pensions less affordable, according to the Association of British Insurers.In today's Budget report, the Treasury said contributions to pensions term assurance policies would no longer be tax-deductible from Aug 1 this year, unless the policy was applied for before Dec 14 last year.'We were disappointed with the scrapping of pensions term assurance only eight months after its introduction in April 2006. It will mean many families do not have the protection they need, and has cost the insurance industry millions,' ABI director Stephen Haddrill said in a statement.newsdesk@afxnews.commn/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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