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Article: Scottish Widows does about turn.
- Article from:
- Daily Mail (London)
- Article date:
- January 17, 2001
CopyrightCOPYRIGHT 2001 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JANE WALLACE
SCOTTISH Widows has agreed to replace cheques wrongly issued as windfall payments to customers who requested loan notes after the Lloyds TSB takeover.
Customers can exchange their cheques for loan notes and escape the capital gains tax (CGT) they might otherwise have incurred. Hundreds of policyholders were facing unexpected CGT liabilities on their windfall because it was worth more than the [pounds sterling]7,200 annual allowance for this tax year.
This would not have happened if they had received the loan notes they had requested.
Policyholders were given a choice of four options as to how their windfall would ...