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Apcims calling for retirement Isa and annuity reforms

The next Government should introduce a specific “retirement Isa” and reform annuities, says the Association of Private Client Investment Managers and Stockbrokers.

Apcims&#39 pre-election briefing suggests a simplification of the Isa rules. It also wants the annual Isa limit to be raised to £10,000 and an additional Isa which would have an investment limit of £30,000 geared to generate retirement income.

On annuities, Apcims recommends removing or inc-reasing the compulsory purchase age limit from 75 to 90.

The proposals call for reduced tax on savings, simplification of capital gains tax, overhaul of taxation of trusts and a review of stamp duty on shares.

Ex-Labour MP and retirement income reform campaigner Dr Oonagh McDonald says: “Simply raising the age limit for annuities will not help most people and does not go to the root of the problem. A retirement Isa is an interesting idea but I can foresee objection from the Inland Revenue.”

Bates Investment head of research James Dalby says: “IFAs will always want more,so they and their clients would welcome Isa limits being extended. The proposal for a retirement Isa would be very attractive. Clients at present have limited option for their pensions pot, so to be able to filter some off in an Isa would be an excellent idea.”

Lighthouse IFA is adding advice on corporate strategy to its financial planning service as part of a new package for companies involved in raising capital.

It is moving to Throgmorton Street in the City of London to be closer to key clients and client introducers, including fund managers and media companies.

The new corporate package is aimed at companies planning management buyouts and private equity offerings by co-ordinating service providers, including public relations consultants, lawyers and brokers.

Lighthouse says although the number of successful flotations has fallen sharply, it anticipates increased trade sales, MBOs and other private equity activity.

The package is split into five key areas – keyperson protection to insure the senior executives in companies against death or serious illness, employee and director benefits, treasury management to advise on tax issues, share restructuring and complete financial planning, including cash deposit management and general insurance.

Managing director Matthew Goldsmith says: “Having gained admission to Aim in October 2000, we quickly recognised the requirement for an overall independent advisory function, responsible for co-ordinating advisory services from lawyers to brokers to public relations specialists.” 


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