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Opra causes confusion over stakeholder tax

For the first time, Bungle Busters turns the spotlight on the Government and regulators after a Money Marketing investigation into allegations that they were baffling the public.

The DSS has issued an apology after it published jumbled information on Serps on its website.

Opra corrected its website after MM alerted the regulator that it was giving conflicting information on stakeholder tax relief.

One part of the site advised those paying income tax at the higher rate of 40 per cent that they would be able to claim back the tax difference from the Inland Revenue at the end of the tax year.

But the industry was bewildered when another part of the website geared at employers said the tax credits for those paying 40 per cent income tax would be sent direct to the trustee or scheme manager by the Revenue.

Opra regulatory director Joe Robertson says: “We have not yet found out why the differing information appeared but we are changing the website.”

The DSS is also under fire this week as even pension gurus were mystified by the DSS&#39s information on the reduction in the amount of Serps that can be inherited from October 2002.

Scottish Equitable pensions development manager Steve Cameron says: “I wonder how many of the public would agree with the awarding of the crystal mark for plain English for the website.”

DSS spokesman John Fennessey says: “Unfortunately, due to a technical problem with our internet provider, we published jumbled information. The problem has been rectified and we apologise for any confusion this may have caused.”

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