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ABI pleads for IPA relief as funds get exemption

The ABI and Autif have locked horns over tax concessions for individual pension accounts, with the ABI claiming the Government has handed fund managers an unfair advantage.

But Autif says the Treasury&#39s concession on stamp duty reserve tax on IPAs levels the pension playing field.

The tax exemption of IPAs invested directly into unit trusts and Oeics was seen as the main compromise to allow fund managers to compete and open up the pension market.

But the ABI is claiming the move is unfair and risks differential IPA pricing between life offices and fund companies.

The ABI wants the relief extended to insured pension funds investing in unit trusts and Oeics plus pensions investing in unit trusts or Oeics on behalf of IPA savers.

It fears the existing scope of SDRT relief could “mean the playing field will be tilted towards direct investment in unit trusts or Oeics as opposed to merely being tilted towards all arrangements which use IPAs”, therefore opening the door on differential pricing.

Autif senior policy adviser Alison Michell says: “Life products do not suffer to the same extent from SDRT. We see this as a levelling of the playing field.”

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