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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.”

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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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