Schedule 34 - Policies of life insurance etc: miscellaneous amendments
Finance Bill
9:15 am
Mr Howard Flight (Arundel and South Downs, Conservative)
It strikes me as a pity that the Government should tidy up the tax law in one area and, as the Economic Secretary effectively admitted, leave an unsatisfactory structural situation on the other side of the coin. There is a situation in which double tax could arise. I will duly blame the Law
Society for the form of its amendment if what the Economic Secretary says is correct. There is no point using it if it cannot achieve what it is intended to achieve. However, it raises the problem and, although it should not arise where qualifying policies are involved, no market should be messed around with by wrong tax arrangements.