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Scot Eq Intl gets the revenue go-ahead for reserved trust

Scottish Equitable International has been given clearance by the Inland Revenue for its reserved interest trust, approving it as exempt from pre-owned asset tax.

The Revenue has confirmed that the trust had been passed under the Discounted Gift Trusts and Schedule 15 Finance Act 2004, giving it tax-free status as a stream of income.

From April 6, following changes being made to the tax system, anyone setting up a reserved interest trust will be able to make annual gifts from it and will also be able to take out flexible payments.

Scottish Equitable International technical manager Margaret Jago says: “We have been waiting to hear for a while about the status of this trust. Generally, if people do not know what the percentage of capital value of their assets are going to be set at, it makes planning ahead very difficult. We are really excited with this news as it means we are not affected by pre-owned asset tax. We can be a lot more certain now.”


Investec to manage MGM fund range

Investec Fund Managers is to take over the management of MGM Assurances unit trust range.The announcement follows a similar arrangement in 2003 when Investec took over the management of Hargreaves Lansdowns fund range.MGM Assurance chief executive Gerard Healy says the decision will allow MGM to focus more resources on its core products whilst ensuring the […]

Pro bono plan is getting our support

For a number of reasons, we were surprised to read the article on advisers snubbing pro bono advice (Money Marketing, January 27).


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