An IFA firm has issued a formal complaint to US life insurance giant The Hartford over the incorrect tax treatment of clients who have annuities with its UK subsidiary Hartford Life.
The issue has raised concerns about The Hartford's commitment to the UK market after shutting its UK operations to new business last May. Its tax code errors resulted in one client of Northampton-based firm Kingston PTM paying basic rate tax on annuity income, when HM Revenue and Customs (HMRC) confirmed no tax payments were owed. Another customer, to whom a basic tax rate should have been applied, was not charged at all. Kingston PTM company secretary Sam Caunt says the firm had great difficulty getting hold of anyone at The Hartford's Dublin operation to solve the problem, claimi...
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