View more on these topics

Revenue in crackdown on avoidance schemes

The Inland Revenue&#39s move to force those who “devise and market” certain tax avoidance schemes to show the det-ails to the Revenue is unlikely to affect many IFAs, according to Towry Law product research manager Simon Farrant.

Farrant says the move is an “early warning system” for the Treasury and aimed at big accountancy firms. He says it will only affect IFAs linked with accountants which market these schemes or IFA arms of big accountancy practices.

The changes are part of the Revenue&#39s Tackling Tax Avoidance measures, with the new rules requiring tax scheme promoters to provide details of “certain defined schemes and arrangements” to the Revenue shortly after the scheme is sold.

Details of when the rules are to come into effect are to be included in the Finance Bill.

Taxpayers using an offshore promoter or where the scheme is devised “in house” rather than bought through a promoter will have to provide details to the Revenue.

Farrant says: “The Treasury will have full details of each scheme and will know how to assess it and early on can go to ministers and say this is going to cost us £100m and have the loophole closed.”


Close eye on rents

CLOSE PROPERTY INVESTMENT Fixed Uplift Properties Type: Closed-ended fund Aim: Growth and income by investing in UK commercial property Minimum investment: Lump sum £25,000 Investment split:100% UK commercial property Place of registration:Isle of Man Charges: Annual 3.5%, performance fee 20% Commission: Initial 3.15% Tel: 0870 733 3773 Close Property Investment&#39s fixed uplift properties is an […]

Bright Grey considers guaranteed CI move

Protection specialist Bright Grey is considering moving into the guaranteed critical-illness insurance market, bucking the industry trend which has seen many firms moving away from offering guaranteed premiums. Bright Grey was set up last year just as guaranteed rates looked to be on the way out due to factors such as lower reinsurance capacity. It […]

Pensions limit increased to £1.8m by 2010 – A-day put back to 2006

Chancellor Gordon Brown says the lifetime limit for pension saving will be increased from £1.4m to £1.5m in its first year of operation and rising to £1.8m in 2010. The Chancellor says the new pensions regime will come in in April 2006 and not April 2005 as previously planned.

Keydata Investment Services – Innovative Growth Plan

Type: Guaranteed equity bond Aim: Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-no maximum, Isa £7,000 Term: Six years Guarantee: Original capital returned in full regardless of performance of index Return: Up to 80% growth if index rises, up to 30% growth if index falls Closing date: April 23, 2004, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm