View more on these topics

IFA manifestos- Colin Jackson

Following publication of the Labour, Conservative and LibDem manifestos last week, Money Marketing asked a few advisers to suggest their own package of proposals. Next up Colin Jackson.

Colin Jackson

I’ll start by clarifying that I am not a politician, I am not an economist, these are my simple thoughts.

I would get very tough on MP’s expenses. I would totally ban second homes. But what I would say is if you are an MP in Birmingham, and you have to travel to London, then the best you’re going to get is rent. And you can only choose somewhere to rent through an approved agency, not through your brother-in-law. And by the same token I would say the same with travelling, but it has to be reasonable travelling, and not first class.

Taxes

I personally would abolish car tax and I would add the equivalent of car tax to car fuel. That would get rid totally of tax evasion because if you buy petrol you pay your tax. Obviously those who use roads most will pay the most. And those who have the least green vehicles will pay the most as well.

I would keep the 50 per cent tax rate on incomes of say £250,000 plus. That means the vast majority of people wouldn’t pay it. Those that are on £250k plus, I don’t believe their threats to leave the country and go abroad will come to anything. I think that is a load of rubbish.

Pensions

I would like to see an alternative to the compulsory annuities. I think this rule is a great imposition. I’m not sure what the answer is, but to make people take out a compulsory annuity, when annuity rates are low particularly, is grossly unfair.

Housing

The first thing I would do is abolish Hips – they are a complete waste of time.

I bought a house a year or so ago, and my vendor had to have a Hip report. I didn’t take a blind bit of notice of it. I bought it because I liked the house, not because of what the Hip said.

I would take a radical step with stamp duty and actually reverse it. So, instead of the buyer paying the stamp duty, the seller would pay it.

“What that means is that first time buyers wouldn’t have to pay stamp duty, it’s the seller, not the buyer, who has to pay it. So, it gets rid of the problem for first time buyers. I also think it would improve the market because one of the things that is a massive expense when you’re buying is stamp duty. So, if you reversed it, the person that is going to get the money pays the duty, not the person who is buying, which seems only fair. If you earn money you pay tax on what you earn. So if you are selling something, you pay the tax for what you’re selling.

Colin Jackson is a director at Baronworth (Investment Services) Ltd

To contibute your own manifesto, email MM online editor Chris Salih: chris.salih@centaur.co.uk

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. The stamp duty comment is one of the most sensible things I’ve seen. Add in something to protect people who are selling to side step repossesion and people in neg eq, and it should be an instant winner!

  2. I didn’t think i would see the day when someone would post something in one of these that made sence, nice one Colin, the last effort was a thowback to the victorian days so nice to have an enlightend person sharing their views

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com