This information and all content on the Expert website is directed at professional financial advisers only and should not be distributed to, or relied upon, by retail customers or anyone else who is not a professional financial adviser. Whilst every effort has been made to ensure the accuracy and completeness of the information, no representation or warranty, express or implied, is given in respect of the accuracy or completeness of the information. Any opinions expressed here or elsewhere on the Expert website are those of the individuals in question and are not necessarily those of any company in the AXA Group. The information is based on AXA's understanding at the time of writing of HM Revenue & Customs' practice which may change. It does not constitute legal or tax advice and must not be treated as such. The companies in the AXA Group can take no responsibility for any loss which may occur as a result of reliance on this information.

Financial advice is only available to UK residents aged 18 years and over.

AXA is a worldwide insurance group. In the UK, one of the AXA companies is AXA Sun Life Services plc which distributes and administers financial products and services. It is registered in England No.3424940. A separate AXA company in the UK is AXA Insurance UK plc, which is a provider of general insurance products. It is registered in England No. 78950. Both these companies are limited by shares, have their registered office at 5 Old Broad Street, London EC2N 1AD and are authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register). The FSA membership numbers are for AXA Sun Life Services plc 185746 and for AXA Insurance UK plc, 202312. The address for communications is PO Box 1810, Bristol, BS99 5SN. Tel: 0117 989 9000. As part of our commitment to quality service, telephone calls may be recorded.