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It has been reported that deadlock continues over the difficult issue of the proposed 20% withholding tax to be deducted by EU payers of cross border payments. The alternative, within the proposal, is for the payer to provide information to the tax authorities of the payee`s country of residence to enable those authorities to tax investors “at home”.

Both UK and Luxembourg oppose the directive. The UK would be happy with information provision – which Luxembourg would not. Luxembourg would, however, would be happy with a 10% rate of withholding tax.


Whilst unanimous voting is necessary on tax issues this topic looks set for stalemate. The proposed change also has worrying implications for all providers of products into other jurisdictions. It is hard, in the long run if this change is introduced, to see how deduction at source on certain investment types should not be extended to all investments.


IFA warning on selling stakeholder for poor

IFAs will be reluctant to recommend stakeholder to low paid workers while state pensions are means tested according to research by Scottish Life.The research conducted during the life office&#39s “Unplugged” pensions roadshows found 92 per cent of IFAs attending the “gig” would be worried about recommending stakeholder to the low paid because of the potential […]

Leek wins mutual vote

Murray Financial has been defeated in its bid to turn Leek United building society into a bank.Nearly 23,000 members of Leek voted to reject the move to demutualise. Pro-mutuality campaigners claimed the vote was the “final blow to a highly unsuccessful carpetbagging outfit.”Murray Financial chief executive Ken Murray said: “Members have missed out on a […]

Fears of online share dealing

Online trading is set to boom even though trade sharing is becoming riskier, according to industry experts.Last week Halifax suspended internet share dealing after customers were able to access other people&#39s accounts. But this Monday 800 people registered for the Halifax service – twice the level of a normal day.The mess-up highlighted the problems with […]

Barbara Castle slams meagre state pension

Former Secretary of State Barbara Castle has hit out at the basic state pension for being indexed to prices rather than earnings.The Serps architect calculates in 20 years the basic state pension will be worth only 7 per cent of average national earnings, leaving one in four pensioners dependent on means testing by 2050.

A modern horror story

Every day a quick scan of the news reveals some new horror that will change the lives of those involved forever – the unlucky accident on the way to work, a tragic illness that cuts a young life short or the holiday accident that leaves more than just a scar to cope with. We barely […]


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