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AS 2011: Government to increase bank levy

Chancellor George Osborne has announced that the Government will increase the bank levy from 0.075 per cent to 0.088 per cent from January 1.

In his autumn statement, delivered today, Osborne said the change will ensure the levy generates its expected £2.5bn of revenue per year.

In the March Budget, Osborne announced the levy would rise from 0.075 per cent to 0.078 per cent from the beginning of 2012.

This was lower than the temporary rate of 0.1 per cent at the time, which was in place until April 30. On May 1, the levy fell to 0.075 per cent.



Markets jump on hope of £500bn IMF bailout for Italy

European markets have continued to rise after speculation that the International Monetary Fund was set to bailout Italy with a £515bn loan. The FTSE closed 2.8 per cent to stand at 5312.76.The French Cac 40 and German Dax 5.4 per cent and 4.6 per cent respectively. At 15.57, the FTSE 100 was up almost 3 […]

IMA: Why we’ve changed our managed sector plans

Keen followers of the industry will recall the mixed reception we got when announcing proposals following our review of the IMA managed sectors in June. We are today announcing the outcome of the further consultations we have been holding.  We have taken time to sit down with the ABI, and I am pleased to report […]

HMRC rethink boosts carry forward

A Government amendment to pension tax rules will allow some investors to pay more into their pension pots by carrying forward unused annual allowance from previous years. In April, the annual contribution allowance was cut from £255,000 to £50,000 and the Government introduced a carry forward mechanism, meaning contribution spikes will not face a tax […]

OECD warns of European recession risk

The Organisation for Economic Co-operation and Development is warning that the euro area is set to enter recession and that policies need to be put in place urgently to stop the sovereign debt crisis from spreading. In its latest economic outlook report, the OECD says that if not addressed, recent contagion to European countries thought […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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