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Draft Finance Bill 2017 – disproportionate gains

HMRC want to allow policyholders who make large disproportionate chargeable gains, because they make excessive withdrawals from their investment bond, to apply to HMRC to have the situation rectified. HMRC has recently released draft legislation in this regard.
We welcome Clause 13 of the draft Finance Bill 2017 which has been drafted to be as flexible as possible; allowing policyholders the opportunity to contact HMRC outlining the precise factors of their case which lead to the disproportionate gain. If HMRC agree to the recalculation, this will probably be on an economic gain basis linked to the actual policy value. We also note that the clause does not place an onus on anyone to inform the provider where a gain is recalculated, so the policyholder will need to keep clear records and understand that the responsibility to ensure the correct income tax is paid rests with them.

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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.