The Association of British Insurers (ABI) has welcomed the government's proposed changes to inheritance (IHT) and capital gains tax (CGT), saying that they should allow people to build up capital for later life.

Peter Vipond, director of financial regulation and taxation at the ABI, claims that the several "technical" changes made to insurance also seem acceptable.

"Today's measures on inheritance tax and capital gains tax should allow more people in this country to save and benefit from their savings, building wealth to address the challenges of later life, and to support the next generation from education to making a home," he commented.

"Inevitably, beneath these high level issues there are various technical changes to insurance which we will need to examine closely, but on first reading look to be appropriate and proportionate," Mr Vipond went on.

The changes to CGT should encourage people to save, he added.

"The introduction of a flat rate of CGT of 18 per cent will greatly simplify the tax system for individuals. Combined with the keeping of an annual allowance of £9,200 before tax is paid, this should provide encouragement to save beyond the current ISA wrapper."

Price comparison site Gocompare.com, which allows consumers to evaluate different products on the market, such as car and home insurance, has been given membership to the British Insurance Brokers' As...

Mid Sussex Conservative MP Nicholas Soames has been banned from driving for two months for driving a quad bike on a public road without any vehicle insurance.Crawley magistrates' court fined the 60-ye...

Allianz Global Corporate & Specialty (AGCS) has set up a team of broker development and key account managers to strengthen ties with clients in the UK.The broker development team comprises Matt Br...