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."

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