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PTA pipeline was open for a week after U-turn

Pipeline PTA business was valid up to a week after the pre-Budget report shock U-turn, HM Revenue and Customs has revealed.

It says pipeline business will be unaffected by the PBR move and says applications received by insurance companies up to midnight on December 13 will receive tax relief.

Torquil Clark Life Insurance director Jason King says some distributors were immediately rebroking pipeline business to ordinary term policies following the announcement on December 6.

But in light of HMRC’s statement this week, there was still a seven-day window for these policies to be submitted, meaning some customers will have unnecessarily lost tax relief.

King says: “It is abysmal that HMRC could not have consulted with the industry before the pre-Budget announcement and we could have avoided this whole shambles in the first place.”


‘Two million people have no LTC cover’

Fidelity says nearly two million retirees have no cover in place to pay for long-term care if they need it. Of the 55-75-year-olds setting aside money for care needs, 24 per cent reserve less than £25,000, typically only enough to cover the costs for one year while the average stay in a nursing home lasts […]

A legacy of liabilities may change players

The year in IFAland saw Berkeley Berry Birch and Millfield falling by the wayside.As well as the uncertainty for the firms’ 2,100 advisers, there were also concerns over where liabilities would fall.The answer to that is apparently the Financial Services Compensation Scheme, with over 500 endowment complaints being processed, at the last estimate, at an […]

Rayner Spencer Mills: Why we rate the Artemis US Select Fund

Ken Rayner and Graham O¹Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio The Artemis US Select Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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