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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.”


65 Jobs go under axe at Platform

Platform has confirmed it will be making a fifth of its workforce redundant as it moves to restructure its business as a result of the credit squeeze.The lender says it will cut up to 65 jobs, predominantly in sales and marketing, from its workforce of 305.It will restructure its sales team to give better support […]

Rowanmoor warning over Irish pension transfer deals

Rowanmoor Pensions is warning advisers they could face regulatory action if they recommend the transfer of pension schemes to Ireland as a way of avoiding tax.The small self-adminis-tered scheme provider’s warning follows news that pension scheme trustees are being contacted by firms offering them the chance to avoid tax if they transfer their scheme to […]

Mortgage brokers banned for false applications

The FSA has banned two partners of an Essex mortgage firm for involvement in submitting false mortgage applications to lenders.The regulator found that Amjad Malik and Tahir Mahmood, of Abbaci Associates, had submitted mortgage applications on behalf of clients which contained false information relating to the clients’ incomes and occu-pations.The firm ceased to cond-uct regulated […]

James quits Standard for RGA

Standard Life head of marketing Mick James is leaving the firm for reinsurer RGA. James will be an account manager at the firm from the end of March working alongside head of business management Jason Hurley.

Global income: preparing for a rate rise…

In the five years since we launched the Artemis Global Income Fund, its manager Jacob de Tusch-Lec has built a distinctive portfolio that is first among its peers. Here he explains why his “quality, cyclical and value yield” stocks, and flexible approach, leave the fund better placed to benefit from uncertainty than funds that depend […]


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