§ Mr. Harry GreenwayTo ask the Chancellor of the Exchequer what plans he has to change the rules on the taxation of single premium investment insurance bonds; if he will estimate the yield of such a tax; and if he will make a statement. [17531]
§ Mr. JackThe Government have no present plans to change the rules on the taxation of single premium investment insurance bonds. In November 1996 the Inland Revenue published a consultation paper containing a package of proposals, including draft clauses, for reforming the way a policy holder's profits from all kinds of long-term life insurances are taxed. No decisions will be taken until after the response to this public consultation has been fully considered and evaluated.