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Aviva Revamps Product Following HMRC Tax Status Talks

Law360, London (March 13, 2018, 4:15 PM GMT) -- Aviva PLC has redesigned one of its life insurance products following close discussions with HM Revenue and Customs to remove what it admitted was 18 months of "confusion in the market" over its tax status, the U.K.'s biggest insurer has said.

Aviva said in a statement on Monday that it removed critical illness coverage from its "relevant life insurance" so that it "delivers the required tax treatment." This life insurance product, which companies provide for staff, is meant to be tax efficient because it pays out a...
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