§ Barbara FollettTo ask Mr Chancellor of the Exchequer what proposals he has for changing the rules for taxing life insurance companies. [89550]
§ Dawn PrimaroloOn 23 December 2002 the Inland Revenue issued a press notice setting out measures to be included in the Finance Bill 2003 changing some of the rules for taxing life insurance companies. The proposed package of measures will remove certain anomalies and prevent a small number of companies exploiting particular circumstances to pay much less tax than other companies writing similar business. The changes will therefore protect the tax base and ensure a fairer distribution of tax across the industry. Copies of the Press Notice have been placed in the Libraries of both Houses and full details have been published on the Inland Revenue's web site.