HMRC won’t comment on protection product

“Obviously there needs to be clarity on this issue. Royal London have had the brakes put on in relation to products in the past.

“Aviva have consulted two QCs who say this is within the rules. L&G would like to add their own CI cover to the relevant life plan but don’t want to go down the route and be stopped by HMRC. It does read like sour grapes.

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“Were I the chancellor or prime minister I would be angling for all forms of insurance protection to have tax relief at source to make more people take it up. I hope the Revenue come back and says this is within the intention and the rules.”