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Revenue sticking to IPA schedule

The Inland Revenue has renewed its commitment to launching individual pension accounts on April 6 despite industry concerns that it will not have sufficient time to develop appropriate products.

Pension experts say that because of the delayed publication of the final regulations for the new pension vehicle, they will str- uggle to develop a product in time.

In the Budget statement, the Revenue has published draft legislation to implement the stamp duty reserve tax exemption for IPAs and says it will introduce the necessary legislation to Parliament soon.

As widely tipped, fund managers will have a choice of three methods to operate the new exemption.

They can offer unit trusts and Oeics which are restricted to holdings within IPAs, provide separate share classes within Oeics which are restricted to IPAs or operate unit trusts with a mixture of IPA and non-IPA unitholders.

Zurich Scudder Investments, formerly Threadneedle, communications director Richard Eats says: “We are quick but we are not that quick. Normally about six months would be the normal time span to get a product like this to market and get our records prepared.”

Hargreaves Lansdown investment manager Ben Yearsley says: “Within two to three months there will be plenty of choice out there. Product providers can move with quite astonishing speed when they want to.”



Draft regulations have been issued to give effect to changes proposed in the pre-Budget report as follows:- ■ Extension of the £7,000 annual subscription limit (including up to £3,000 in cash) for a further 5 years until April 2006.■ Permitting 16 and 17 year olds to invest up to £3,000 a year in either a […]

VAT axed for small companies

In a move that will benefit many small and medium sized IFAs, the Chancellor of the Exchequer has axed VAT for small companies with a turnover of £54,000.Companies with a turnover of £100,000 will benefit from a flat rate to be consulted on with the promise of a simplified VAT regime for those businesses with […]

Setting the environment scene

For IFAs tra- ditionally dealing with the upper end of the market, there was little to get excited about in this year&#39s Budget. Even with over-inflation increases to capital gains tax (up to £7,500), inheritance tax allowances (to £242,000) and theearnings cap (to £95,400) looking generous, a longer memory reminds us that these allowances were […]

Net pension firm offers employee protection

Online stakeholder specialist Pensionsbusiness is revamping its web-based service to employers by offering group life insurance and group income protection to employees. Once an employer has selected a pension scheme online, they can then buy group life insurance and group income protection through Legal & General. Pensionsbusiness is an IFA firm which offers employers an […]


What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.


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