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Industry awaiting tax rules on IPAs

Confusion continues to shroud IPAs this week as the PIA admitted it could not lay down regulations until the Treasury had explained full details of proposed tax reliefs.

In a consultation paper issued last week, the PIA says: “The potential impact and structure of IPAs cannot be fully considered until the wording of the proposed exemption is available.”

But the proposed details of the exemptions for stamp duty reserve tax on all collective investments will not be announced until the Budget on March 7.

Providers have expres-sed their frustration that the consultation paper has taken them no closer to understanding the practicalities for launching IPAs, with most companies quickly losing interest.

Threadneedle says it is keen on the idea of investment fund-based pension plans but is now unlikely to move into IPAs.

Communications director Richard Eats says: “So far, we have not spotted a commercial necessity to have an IPA. You will have to have a huge amount of additional record-keeping for a small amount of tax benefit.”

Gartmore head of retail pensions Nick Hodges says: “Even the PIA are reasonably uncertain of the ground. It should not have been involved anyway until the Treasury had developed the tax regime under which these will operate.”


Opening doors to online loans

Open Door Finance has started an online mortgage sourcing and application system this week to help IFAs speed up the mortgage and conveyancing process. The site at allows IFAs to source mortgages, get a quotation and process and track applications from a panel of lenders, including Bristol & West and Market Harborough Building Society. […]

Leggmason Investors – Leggmason Aim VCT

Friday, 23rd February 2001.Aim: Growth by investing in unquoted companies and those listed on Aim.Minimum investment: £3,000.Opening-closing date: February 23, 2001-April 2, 2001 for 2000/2001 tax year, May 31, 2001 for 2001/2002 tax year.Charges: Initial up to 5 per cent, annual 2 per cent.Commission: Initial 2.25 per cent, renewal 0.4 per cent for 10 years.Tel: […] takes Synaptic Systems software is incorporating the quotation engine from Synaptic Systems into its website to allow comparison of life insurance policies online. Level term and mortgage protection policies are the first products to feature on the site, with Friends Provident, Norwich Union Life, Permanent Insurance, Scottish Provident, Swiss Life and Legal & General offered through the portal. […]

Top names lined up for Henderson hedge fund

Isa investors will be able to access some of the UK&#39s leading hedge fund managers for the first time with the launch of a new Henderson Global Investors fund of funds. The Henderson absolute return portfolio will feature top-name managers such as as ex-Barings European manager Crispin Odey, ex-Jupiter director and UK special situations manager […]


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