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IMA will not oppose bond tax plea

The Treasury could recons-ider its controversial capital gains tax changes after the Investment Management Association said it will not oppose new proposals from the Association of British Insurers.

The IMA has supported Chancellor Alistair Darling’s CGT reforms, which would see mutual funds subject to a new 18 per cent flat rate while higher-rate taxpayers with bond investments wouldcontinue to face a 40 per cent rate of CGT.

The ABI has been lobby-ing for the Treasury to red-uce the CGT rate for bond investors from 40 per cent to 30 per cent in a bid to close the tax gap between the two savings vehicles.

The IMA now says it will not stand in the way of such a move. Head of communications Mona Patel says: “We neither support nor oppose the ABI’s proposals.”

In discussions held with the ABI, the Treasury had made clear that it was unli-kely to back a proposal if it was opposed by the IMA.

Scottish Life head of corporate affairs Gareth Evans says: “It is a significant move and there have been some tough negotiations behind the scenes. I think the fact that the two leading trade bodies in this area are in accord can only make it more likely that the Treasury will compromise on its proposals.”

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