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Business pleas for help to set up firms

Advisers have welcomed Tory proposals to reduce corporation tax and reinstate taper relief for capital gains tax, claiming current tax and regulatory systems are pushing entrepreneurs out of Britain. director Ashley Clark says tax changes are essential if the Government wants to encourage the many disillusioned entrepreneurs to continue setting up businesses. He says: “The system is broke and needs fixing. If I had my time again, I would not set up my business in Britain. We live in a very high tax state and this stifles entrepreneurism.

“Slapping on capital gains tax of 18 per cent has gutted small firms and introducing an entrepreneurial concession is a joke. Entrepreneurs are penalised for success.”

Lifesearch managing director Tom Baigrie says the UK is “without doubt” unfriendly to start-up companies and he believes excessive regulation is standing in the way of financial services entrepreneurs.

He says the Tory approach would help but fears red tape could still scupper success. He says: “Helping entrepreneurs profit from good ideas is not on the FSA’s agenda, quite the opposite. They are looking to ensure levels of corporate governance that are only realistically achievable in bigger businesses. Our industry badly needs inward investment and due to the unintended effects of regulation and past failings of ABI members and their distributors, few non-industry investors will touch the retail financial services sector.”


Repossessed homes hit an eightyear high

Repossessions in 2007 were the highest since 1999 although the figures were 10 per cent lower than expected, says the Council of Mortgage Lenders.A total of 27,100 homes were repossessed compared with 22,400 in 2006.The CML had forecast that there would be 30,000 repossessions in 2007.Fewer than one in 400 mortgages led to repossession last […]

Inflation increases to 2.2 per cent in January

CPI annual inflation increased to 2.2 per cent in January, up from 2.1 per cent in December.The Office of National Statistics says the largest upward pressures came from a 1.3p increase in the average price of petrol and food prices which fell by less than last year.Liberal Democrat shadow chancellor Vince Cable says the figures […]

Volatility opens up a valuation gap

Early gains last week in the FTSE 100 were dampened by fears of an American recession.The Aggressive, Balanced and Cautious Adviser Fund Indices all rose as London’s leading share index crossed back over 6,000. Stocks were buoyed by increasing activity in large scale mergers and acquisitions.Having dropped 12.17 per cent in the first three weeks […]

Retrospection is ruled out in non-dom U-turn

HM Revenue & Customs has announced that there will be no retrospection on the offshore trusts tax hit that non-domiciliaries will face as part of the current Government reforms.The Conservatives have branded the move as a major U-turn as draft legislation which was published in January stated that historical gains within offshore trusts would face […]

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


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