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Clarification on UK presence for offshore firms

The Finance Bill, published last week, has clarified the Budget announcement that offshore life offices will have to have a financial presence in the UK. The Bill indicates that any office which does not offer a representative will be forced to join an agency set up by the Government. The move is part of a tax loophole crackdown which has been blasted by the Association of International Life Offices.

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Standard banks on summer loan attack

Standard Life Bank is to launch a major assault on the mortgage market in August, offering IFAs commission and undercutting rivals&#39 interest rates by up to 1 per cent. The fledgling banking arm, set up at the start of this year, believes it can win a major slice of the market by offering mortgages with […]

Sun Life profits soar by 115%

Sun Life boosted profits last year by 115 per cent to £289.9m from £134.87m in 1996. The figures include profits from Axa Equity & Law following the two companies&#39 £690m merger last July. Sun Life expects cost savings following the merger to increase to about £40m a year from the original estimate of £25m.

Win Champagne

Is the mortgage market crazy? Are borrowers being hit with unfair deals? Private Label executive chairman Stephen Knight certainly thinks so. This week, Knight hit out at long-term fixed rates which lock borrowers in at the full variable rate after the fix has expired. Private Label has come up with a mortgage which avoids this. […]

Morgan Grenfell denies investment revamp

Morgan Grenfell Investment Funds is scotching rumours that parent company Deutsche Bank is to restructure its investment banking businesses. Speculators have suggested that the bank may ditch the Morgan Grenfell name.

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]

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