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ABI welcomes Inland Revenue plans for pre-owned assets

As a result, gift and loan trusts will not be subject to an additional tax charge.

Peter Vipond, head of financial regulation and taxation, says: “Following strong representations from the ABI, we are pleased that the Inland Revenue has confirmed that gift and loan trusts will not be subject to the pre-owned assets regime. This is good news for the holders of loan trusts. We have been working hard on behalf of policyholders to ensure that current arrangements continue, and they can undertake prudent financial planning with some degree of certainty.”

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Nationwide launches lower fixed rate and tracker mortgages

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