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Tories pledge to match savings

The Conservatives have unveiled plans for a lifetime savings account, extending taxfree limits for Isas and giving employees access to financial advice.

Shadow Chancellor Oliver Letwin’s proposals would give tax breaks to companies that offer access to financial advice for their staff.

He highlights what he considers to be complex and unfair areas of taxation – council tax, inheritance tax, stamp duty, income tax and National Insurance thresholds, taxation of savings and pensions, taxation of small businesses, capital gains tax and environmental taxes.

The proposals would see a lifetime savings account introduced where the Government would match individual contributions.

Letwin wants to increase tax-free annual limits for Isas, which were threatened with cuts in last year’s Budget, and to make Isa saving more flexible.

The Tories would consider restoring dividend tax credits on pension funds, cut the basic rate of tax on savings income and introduce tax credits to encourage employers to make pension contributions.

Pilot schemes offering intranet access to financial advice within companies have already been launched by financial firms such as Aegon.

Some trade bodies, including the IMA and the Building Societies Association opposed Chancellor Gordon Brown’s plans to cut Isa limits. In the pre-Budget announcement last December the Isa limits were extended until 2009.
Letwin says: “A strong savings culture is essential to give people security for the future and independence from the state. The decline in our savings ratio has been combined with a strong increase in debt.”


Prestbury brings together brands

Financial services distribution firm Prestbury is planning to rebrand its three divisions – Moneybrain, Solution Network and LoansUK – under the corporate name.

FSA crackdown on PI as waivers come to an end

Professional indemnity insurance waivers for IFAs will end on Friday and the FSA is ready to crack down on firms which have failed to obtain adequate cover.The introduction of the insurance mediation directive on January 14 requires IFAs to have 1m in PI cover and rules out the possibility of waivers, which were introduced by […]


Natixis Global Asset Management’s quarterly Portfolio Barometer offers insights into UK financial advisers’ model portfolios and the allocation decisions they are making. Natixis’s Portfolio Research & Consulting Group works with financial advisers and other intermediaries to analyse and enhance their model portfolios and help them develop investor portfolios suited to today’s complex markets. The Portfolio […]


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