Tax the latest foil to Foundation Life’s exit

The policies have been out of vogue for some time. (Image: Getty)

Wed, 18 Jan 2023

Foundation Life will have to wait a little bit longer to sell its life insurance book after finding itself at odds with the tax department.The firm will update its 30,000 or so remaining policyholders in February on where things are at with plans to sell the life insurance book to an unnamed insurer, which would then offer them a replacement policy, a cash payment of at least 105% of the policy’s surrender value, or a combination of the two.Foundation had been trying to exit the business it bought from the New Zealand stock exchange-liste...

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