The Investment Management Association is calling for the Chancellor to make radical reforms to restore confidence in long-term savings.
IMA chief executive Richard Saunders “We are of course disappointed that the Government is set on abolishing the ISA dividend tax credit, thus removing a central plank of its flagship savings product. We welcome, however, the commitment to continue to examine the taxation of savings.”
On other aspects of the report, the IMA welcomed the proposals to deal with the offshore funds regime and the FSA's new rules on authorised funds in 2004. Saunders added: ” these should be seen, however, as short-term fixes pending a more fundamental review.'