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NU revises long term care plan

Norwich Union has launched a revised version of its long-term care plan after negotiating a tax saving with the Inland Revenue. The deal, originally revealed by MM in February, means that income from the &#34immediate care plan&#34 annuity is paid direct to the care home instead of the policy holder with a resulting tax saving of between 10 and 15 per cent. The change rectifies an anomaly in long-term care which saw prefunded products tax free but annuities subject to it.

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Davies welcomes Aifa

FSA chairman Howard Davies has welcomed the creation of the Association of Independent Financial Advisers.Speaking at Aifa&#39s inaugural conference in London last week, Davies said: “We look forward to close interaction with the new Association and its leaders. We welcome the prospect of receiving a more co-ordinated, and perhaps better researched set of responses from […]

Derbyshire Building Society launches cash account

Derbyshire Building Society has launched a new card-based Cash Account.The account can be accessed through the Link network of ATMs.The account gives instant access has a minimum opening amount of £10 with a 1 per cent gross interest rate.

Revenue to police loanbacks from December

The Inland Revenue is cracking down on loanbacks by bringing in tough new guidelines which must be met before life offices can lend to firms.Loanbacks allow clients to take out loans using their pension policy as security.The Revenue says it will start policing loanbacks by forcing life offices to prove a loan is judicious from […]

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