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Cofunds lobbying for tax-free bond transfers

Cofunds is to petition HM Revenue & Customs to allow investors to transfer funds within a bond wrapper without risking a tax penalty.

The platform is linking up with the Tax Incentivised Savings Association to call for tax-exempt transfers within bonds similar to Isas and pensions.

The move follows the news that leading platform providers will allow advisers to bulk re-register in specie transfers of other assets as early as 2008.

Cofunds, which is a member of the UK Platform Group, says it is taking the lead in adopting open standard transfers at an estimated cost to itself of over £1m. It says it is working with other members of the UK Platform Group – Fidelity FundsNetwork, Standard Life and Selestia – to have this in place by early 2008.

Investors cannot currently move single-premium insurance bonds to another single-premium vehicle as the underlying assets are owned by the life company.

Cofunds spokesman Dick Eats says the move would help advisers move clients to the open-architecture model. He says: “We are positive these changes can be made by HMRC as it is as much in its interest to make the move as it is for investors. If a bond is moved and makes more money when it is encashed, HMRC gets more tax.”


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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.


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