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Tories pledge to axe savings tax

The Conservatives have vowed to abolish taxes on savings in the first of a series of announcements detailing the party&#39s pre-election tax promises.

Shadow Chancellor Michael Portillo says a Tory administration would scrap taxes on savings for people earning less than £32,000.

The move would apply to bank and building society accounts as well as taxes on share dividends.

The party says it would implement the measures in the 2003/04 tax year.

But product providers wonder whether the measures would affect stakeholder pensions because the breaks are targeted at the same market.

Portillo says: “We will sweep away one of the great injustices of the tax system, that people have to pay tax on the income they earn but then pay tax again when they put some of that income away and earn interest on it.”


Invesco axing Perpetual brand on offshore funds

Invesco is to ditch the Perpetual brand on its offshore fund range when the two firms merge later this year. Five of Perpetual&#39s 14 offshore funds will be liquidated and the remainder will be either rebranded under the Invesco name or merged into one of its existing 56 offshore funds. The consolidated offshore range will […]

Time to boldly venture into the enterprise zone

While venture capital trusts have spent much of the last year in the limelight, their more specialist cousins -enterprise zone trusts and enterprise investment schemes – have so far received little attention. But for wealthy investors with capital gains to shelter and an appetite for risk, IFAs could do worse than giving EISs and EZTs […]

Classic trust from Downing

Downing Corporate FinanceClassic VCT 3Aim: Growth and income by investing in technology companies and mature unquoted companies including those in AIM and OFEX.Minimum investment: £5,000.Opening-closing date: November 2, 2000-January 31, 2001.Charges: Initial 5 per cent, annual 2 per cent.Commission: Initial 2.5 per cent, renewal 0.25 per cent.Tel: 020 7411 4700.Broker Panel:-Michael Both – Partner, Michael […]

German IFA spots them early in UK

A German high-tech IFA which spots future wealthy clients while they are still at college enters the UK next month. MLP consultants combine personal and online advice. It will initially have a branch network in the UK of 11 consultants targeting high-net-worth individuals. Its UK strategy will be similar to its German, Austrian and Dutch […]

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Guide: Johnson Fleming produces auto-enrolment checklist

For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.


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