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Treasury took no account of Sipp investors’ plight

The Treasury forced through the property Sipp U-turn without even considering the consequences for the financial services industry, says a Tory Shadow Treasury minister.

Fareham MP Mark Hoban says Treasury Economic Secretary Ivan Lewis’s admission that the Treasury made no estimates on the number of Sipp investors making off-plan purchases of residential property shows the Government’s lack of thought about the implications of the last-minute change.

Lewis was responding to two written questions which were tabled by Hoban asking for an estimate of these figures and if there had been any representations from the financial services or property sectors about proposed transitional relief for Sipps.

Lewis said that no estimate had been made and there have been no industry represen- tations about the availability of such relief.

Hoban says: “It seems strange that the Treasury was happy to make this decision without being fully aware of the implications it would have on the industry. This is ano- ther example of the instab- ility over pension taxation created under Gordon Brown and it is hard to see how the industry can have confidence in future pension policy when its interests were left out of policy calculations.”

A Treasury spokesman says: “HMRC does not hold records for those who have taken action prior to the commencement of pension simplification. It become apparent recently that despite the checks and balances built into the system, the Government should act now to prevent the potential abuse of the new rules.”


Rathbone IM appoints new investment director

Rathbone IM has appointed James Maltin as an investment director responsible for managing private client portfolios. Maltin joins after five years at HSBC investments where he headed up the investment trust committee. He also managed private client portfolios and trust companies in the UK and offshore. Rathbone head of investment management Richard Lanyon says: “We […]

Huge surge in women registering for Cergi

The Institute of Financial Services has seen a massive surge in the numbers of women registering for its general insurance qualification. The IFS says almost 2,000 registrations have been received from women for the single-module qualification, representing about 40 per cent of the total number of candidates. Cergi is a self-study qualification, with one module […]

Downing VCT takes cautious approach

Downing is introducing a further two venture capital trusts before the April deadline, including a protected product aimed at more cautious investors. It hopes to attract 40m for the Downing VCT4 and Protected 5 VCT. The Protected 5 VCT will be more cautiously managed and focus on capital preservation, with wind-up expected in around five […]

European Opportunities: 'It’s nice when stock selection results in a macro tailwind'

Amid significant macro headwinds in August, Mark Page explains why his fund’s focus on stock selection has helped it outperform a falling market in August. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy


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