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Davy brands Brown “ridiculous” over PTA U-turn

Gordon Brown should be congratulating people for taking out pension term assurance rather than discouraging them, says SimplyBiz chairman Ken Davy.

Davy sent out a message to his 3,000 member IFAs saying it was ridiculous that the Treasury should attack tax relief on PTA.

Davy says: “I believe it is ridiculous for the Treasury to attack tax relief on pension life assurance protection as if it was some exotic tax loophole.

“The reality is that tax relief on pension term assurance has been available for well over 30 years. The only thing that really changed on A-Day last April was that PTA became more readily accessible to ordinary consumers.

“Gordon Brown ought to be congratulating people for taking out PTA to protect their families not stopping them. If there was ever to be a badge of citizenship surely one of the criteria would be having the wisdom and commitment to sacrifice a bit of income today to protect the tomorrows of those you care for.”

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