4th Oct 2005 08:36
4 October 2005 Friends Provident plc DRAFT NEW TAX LEGISLATION - NO EXPECTED IMPACT Following the publication by the HM Revenue & Customs (HMRC) of draftlegislation affecting Life Companies for accounting periods ending after 29September 2005, the proposed changes are not expected to increase the FriendsProvident Group tax charge on an Achieved Profit or IFRS basis.There is, therefore, not expected to be any impact on the Group's profits orembedded value as a consequence of these draft proposals.Not withstanding the fact that there is no expected impact on FriendsProvident, we are disappointed with the way this draft legislation wasintroduced without consultation. Such an approach undermines the basis uponwhich the HMRC and the industry should work together to promote fairness in thetaxation system.We fully support the lobbying by the insurance industry for consultation. Ends For further information, please contact:Nick Boakes Friends Provident plc 0845 641 7814 Di Skidmore Friends Provident plc 0845 641 7833 Rupert Younger/ Finsbury Limited 020 7251 3801 Simon Moyse ENDFRIENDS PROVIDENT PLCRelated Shares:
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