'Chancellor's stealth tax on investment policies could cost savers millions of pounds,' insurer warns



Millions of people on modest incomes are set to lose money following an unpublicised tax change buried in the Budget.
Many with certain investment policies or endowments could lose between £20 to £25, but some could lose 'a lot more than this', Royal London Insurance group claims.  
At present, if someone has an endowment policy or a 'whole of life' investment policy with an insurance company, they are only taxed on the level of return received above the rate of inflation.
Put simply, if someone gets a 3 per cent return and the rate of inflation is 3 per cent, no tax is paid. From January... read more

 
24 November 2017 in Business, Views: 45
Source: Daily Mail
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