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Following consultation, the government has decided not to withdraw relief for interest on loans taken out to purchase life annuities by people aged 65 or over before 1999. This document summarises the responses received to the consultation and explains why the government has decided not to go ahead with the planned repeal.
At Budget 2013 the Government announced that it would consult on the impact of withdrawing the relief for interest on loans taken out by individuals aged 65 or above before 1999 to purchase life annuities.
This consultation seeks views from interested parties on withdrawing the relief and whether it may have impacts beyond those identified by the Government.