Prior to 1915 profits arising from monies invested by Life Offices in the purchase of Reversionary Securities were untaxed. Rapidly increasing expenditure forced the Chancellor of the Exchequer to break new ground and the Life Offices were invited to show cause why this apparent anomaly of an untaxed source of revenue should be allowed to continue. In due course there remained only to be determined the basis of taxation of these profits.

Mr. Geoffrey Marks, who represented the Life Offices in the negotiations with the Revenue Authorities, was instrumental in obtaining a valuable concession in respect of contracts completed prior to 5th April 1915.