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Conservative victory would see IR35 scrapped

Controversial tax rule IR35 would be abolished if the Conservatives win

the general election.

According to the Tory election manifesto, getting rid of IR35 would cost

£100m. Labour has estimated the move would cost up to £1bn.

The legislation was introduced to stop people, usually in working in

information technology, from choosing to be contract workers to take a

number of tax advantages. But many IFAs working as part of networks or on a

commission-only basis could see the rules apply to them.

The Inland Revenue won a High Court battle against a challenge to the rule

from the Professional Contractors Group of mainly IT consultants but

campaigners against IR35 are threatening to take the case to the Court of


Training consultancy Taff Associates director Terry Foulkes says: “At the

moment, many IFAs are in danger of falling foul of the rules as the

relationship of an IFA with a network or of a registered individual with an

IFA could be seen as forming contract of employment. IR35 is a very real

attack on self employment and will snuff out new small businesses.

“I am surprised that its abolition would only cost £100m but that

would represent good value.”


Lamfalussy Report welcomed by ABI and Autif

Last week&#39s Stockholm Summit of EU leaders resulted in further steps towards the creation of a single European financial services market. The Summit which included Prime Minister Tony Blair, adopted The Lamfalussy Report recommending ways to speed up regulation and decision making at the EU level which holds back the market. Both Blair and Conservative […]

Winner on aggregate

It can be uncanny sometimes how things can come together. No sooner had Iemailed last week&#39s article on aggregation to Money Marketing, I answeredmy phone to Euan Robertson, development director of Spektra Systems, whoinvited me to Livingston to look at the toolset the company has built toassist a wide range of financial services companies with […]

L&G waives fee on flexi self-cert mortgage

Legal & General&#39s mortgage club is offering a flexible self-certification tracker mortgage which waives the usual £325 application fee until June 30.The interest rate tracks bank base rate plus 0.98 per cent for the life of the mortgage. The current rate is 6.23 per cent, and loans are available up to 85 per cent loan […]

Aussie bank to target A&L for 2002 takeover

Three leading City analysts are tipping Alliance & Leicester as anacquisition target for Nat-ional Australia Bank once the UK bank&#39s takeoverprotection clause expires next April. The UK&#39s sixth-biggest mortgage lender has emerged as the market favouriteto be snapped up by NAB, which is on a UK acquisition trail. Banking analysts claim A&L is not financially […]


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