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Budget reform would help investors, says Cofunds

Cofunds is calling for changes to the Budget next week that will increase choice for investors.

It is repeating its demand for the transfer of single premium insurance bonds between providers to be exempt from income tax, which would ensure best advice is given without penalty.

It says the flexibility of switching that currently applies to Pep and Isa switches ought be applicable to insurance bonds as well.

Cofunds is hitting out at the Government over the lack of certainty around the potential capital gains tax changes and is calling for a better process for introducing fiscal change, giving investors enough time to plan and changes to their financial affairs.

The third area for concern is the difficulty in administering in specie pension contributions, with Cofunds saying the assets should be able to be valued at the point of transfer.

Marketing and propositions director Alastair Conway says: “Platforms can help investors get better value for money and a better and more suitable choice of investments. We have seen some recent advances- such as pensions simplification and this year’s changes to Isa rules – which we greatly welcome on our customers behalf.

“However, there are still more improvements which we believe will allow investors to make the best use of their assets and increase their ability to build up assets for retirement. We very much hope the Treasury will consider our suggestions.”

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