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Standard chief says tax rethink would boost PMI

The Government should reform taxes to encourage more individuals and companies to take out private medical cover, Standard Life Healthcare managing director Mike Hall told the conference.

Hall urged the Government to provide tax all-owances to people taking out PMI to ease the burden on the NHS.

He suggested three ways that taxes could be relaxed which could stimulate PMI – health credits, a health Isa and tax breaks to companies providing cover for their staff.

Hall said a ringfenced savings scheme capable of attracting enhanced rates of return because of attached tax incentives conditional on the fund being used to pay for health treatments would be attractive to many people.

He also echoed calls by the Conservative Party before the last election to offer tax breaks to companies offering cover to employees.

Hall said giving people more freedom in how they pay for healthcare costs in the form of health credits would offer an incentive for people to take out cover.

He said: “All Governments know you do not have to use taxes solely as a method for collecting revenue. The tax system can be used in such a way that it rewards people for making wise decisions.”


Life on Mars as 150 funds get on board

Old Mutual&#39s multi-manager platform, codenamed Project Mars, will offer more than 150 funds from 24 providers at launch in a bid to rival Skandia. The new platform, to be named on October 1, will include funds from Aberdeen, Artemis, Credit Suisse, Deutsche, Dresdner, Framlington, Friends Provident, Invesco Perpetual, Investec, Liontrust, Merrill Lynch, Newton, Old Mutual, […]

Equitable – so near yet so GAR

Equitable Life&#39s compromise scheme proposals promise to settle the uncertainty of its liabilities but have managed to raise yet more questions about the society&#39s future. Misselling claims for non-guaranteed annuity holders on the grounds that they were not told of the potential cost impact of GARs have become a nasty thorn in the deal&#39s side. […]

Review failings costs firm £100k

The PIA has fined IFA EIC Investment Services, of Marchmont House, 83-85 Marlowes, Hemel Hempstead, Hertfordshire, £10,000 for pension review failings. The firm has also been ordered to pay costs of £2,126. A PIA visit in May 1999 identified a series of regulatory failings.

PIA expels Nottingham adviser

The PIA has expelled IFA Bowbanks & Field of 7 High Street, Hucknall, Nottingham for failing to be fit and proper to conduct investment business. The move comes after its sole director and registered principal Graham Field pleaded guilty to Nottingham Crown Court of perverting the course of justice and obtaining money by deception. Following […]


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