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Norwich Union, the UK's largest insurer, has produced "Capital Gains Tax Budget changes - unravelled",  which sets out the key changes affecting CGT and the key considerations of the new tax regime for both advisers and their clients.

It also highlights the benefits that life savings products still provide in the new, more complicated market.

David Barral, marketing director of Norwich Union Life, said he was disappointed that the Chancellor had not taken the opportunity in the Budget to address the imbalances of taxation caused by the unintended consequences of its changes to CGT.

He added that it had introduced uncertainty into the long term savings market for both advisers and their clients.

Investment bonds will continue to offer other benefits such as tax efficient withdrawals of up to 5 per cent per annum, and act as an effective solution to reduce inheritance tax when placed into trust.

The changes to CGT will mean, however, that bonds for some customers will be at a disadvantage from a tax point of view compared to other investments.

“’Capital Gains Tax Budget changes - unravelled' is a guide we are providing to help advisers fully understand the implications of these major changes and provide the best advice for their clients," Barrall concluded.

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Related links 

• Norwich Union
• Capital Gains Tax Budget changes (unravelled)