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IMA gives thumbs up to new property regime

The Investment Management Association has given the Treasury a stamp of approval over its discussion paper over tax payments in property funds.

The IMA believes that the Property Authorised Investment Funds (PAIFs) discussion paper should ensure that pension funds, charities, SIPP, ISA and CTF investors will no longer pay tax in funds, with the only issue being whether the cost of implementing the regime outweighs the benefits.

The group says this will depend on two issues, the first of which is introducing a feeder fund to stop limitations on corporate investors receiving 10 per cent or more of a funds distributions when they invest direcly in a PAIF.

While the IMA is broadly positive that this will be solved, the group is more concerned on its second issue, which is the proposal to ring fence and distribute three types of income. The group believes two would be sufficient as it would as three would mean significant change to the distribution model as well as being confusing to retail investors.


CML’s role is criticised

Mortgage brokers have questioned the role of the Council of Mortgage Lenders in the Northern Rock debacle.Speaking at a Money Marketing sub-prime round table, Robert Sterling managing director Kevin Duffy compared the situation with when Victoria went into administration and both TMB and GMAC-RFC quickly arrived with lifeboats for its clients.Duffy said: “It was clear […]

IFAs are not the ones creating distrust

I feel that you have been too kind on the regulator, the Bank of England and the Treasury over the Northern Rock affair. I have no issue with what they have done, nor the Northern Rock management for providing innovative mortgage solutions to the UK market. I can remember having to plead with my bank […]


Guide: 10 required letters — what to send, to whom and when?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.


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