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Existing policies could still be hit by changes

Existing PTA policyholders could be affected by the changes announced in the pre-Budget report despite Treasury assurance that policies on risk before midnight of December 5 would be unaffected.

Standard Life protection marketing manager Mick James says HM Revenue & Customs has confirmed that if policyholders increase the sum assured or extend the term, the life policy will be ineligible for tax relief after the Budget.

Liverpool Victoria director of intermediary business Stuart Tragheim says HMRC intimated that if a customer makes any changes to a PTA policy in future, it is also likely to invalidate the tax relief available.

Bright Grey products director Roger Edwards warns providers should anticipate the withdrawal of tax relief on existing policies in the Budget next April. Edwards says: “I would not rule out the possibility of another huge U-turn on existing PTA policies.”

CBK principal Peter Chadborn says: “Advisers will have to consider whether the original policy should be kept to keep the tax relief or to exercise the guaranteed insurability options and lose tax relief.”


Animal tragic

A caricaturist at the Headline Money party impressed an MM hack so much with his sketches of fellow journos that she agreed to be a subject for one of his cartoons.But the rather unattractive picture he produced looked nothing like the hack – or so everyone said.Embarrassingly, the caricaturist had chosen to portray her as […]

Barings introduces Ucits Russia Fund

Baring Asset Management has converted its $30m new Russia fund into a Ucits III compliant vehicle which will be available to investors from December 27.The fund will become the Baring Russia fund and currently has $30m under management.The new Russia fund has returned over 22 per cent on an annualised basis since launch compared to […]

AIC calls for FSA to backtrack on listing proposals

The Association of Investment Companies has called on the FSA to reconsider its latest proposals on listing rules for investment entities, warning of the potential dangers of a two-tier system.An FSA consultation released today includes proposals to allow international companies a choice or directive-minimum or super equivalent standards rather than requiring them to be subject […]

Parrots and carrots

In recent articles I have been identifying and discussing the implications of recent developments in pensions and this week I will look at trends in defined-benefit provision by employers.

How QE is distorting the gilt market

By Mike Riddell The moves in gilts in August were truly exceptional. Volatility in the gilt market (based off 10-year gilt futures) has soared to close to the highest levels seen this millennium, on a par with the eurozone debt crisis of 2011/12 and behind only the global financial crisis of 2008/09. The first distortion […]


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