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Mini Isas set for a record

Over six million consumers could take a mini Isa before the end of the tax year, according to a survey.

Based on 1,000 interviews carried out for Intelligent Finance, research agency ICM believes a last-minute rush could make this a record year in terms of the number of Isas opened.

IF chief executive Grenville Turner says if all those who say they are planning to take out an Isa do so before April 5, it could raise the total of new Isa accounts opened to over 14 million in 2003/04, up from 12 million in the previous tax year.

Turner says mini cash Isas are still the main savings vehicle of choice, with an estimated 6.3 million people taking one out this year.

A survey of 1,500 Ample customers by Taylor Nelson Sofres has found that tax relief is the main appeal of Isas.

Ample chief Chris Blatchford believes that this is a vital message for the Government as it looks to make further cuts to the tax breaks given to mainstream savings products.

Sixty-three per cent of respondents believe that the Government should reverse the imminent loss of tax relief on dividend payments and restore full tax relief to Isas.

Bratchford says: “If the Treasury wants more people to save for the future, especially for their retirement, they must put their money where their mouth is and boost tax relief, not cut it.”


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Plans for protection and a new regulator

Details of the pension protection fund, a new pension regulator and simplification of occupational schemes were unveiled with the publication of the Pensions Bill last week. The bill also replaces the minimum funding requirement with a scheme-specific app-roach which the industry says will free up schemes to adopt an investment strategy that matches liabilities with […]

Standard&#39s strength better than expected – Commerzbank

Standard Life&#39s year end results show its financial strength is better than analysts had expected with available assets up 9.5 per cent to £4.6bn in 2003 from £4.2bn the previous year. Commerzbank analyst Roman Cizdyn says the mutual&#39s cash surplus compares well with figures published by its main rivals in recent years. Cizdyn says: “The […]

Swip reclassifies Fofs after breaching ABI rules

Scottish Widows Investment Partnership has reclassified its multi-manager funds on Lipper after the ABI ruled they were in breach of its unit-linked retail fund classifications. Three Widows&#39 funds, which invest in manager of manager funds run by Russell Investment Group, are in an unclassified sector after the ABI&#39s investment committee ruled they were violating its […]

The changing world of professional connections

The Legal Services Act of 2007, which opened up the legal market to competition, has put the cat among the professional pigeons. In the words of a 2015 Law Society report on what the legal profession is likely to look like in five years’ time: “Business as usual is not an option for many, if […]


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