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UK savers squander £110m in Isa tax breaks

UK savers are squandering £110m in Isa tax breaks according to research from IFA Promotion.

The research shows 5.4 million UK adults hold bank or building society savings accounts and stocks and shares but no Isas, and 4.2 million taxpayers hold equities but no Isas. IFAP estimates that of these 418,000 have increased their investment in the previous year, generating £82m of wasted tax breaks.

A further 3.3 million savers without cash Isas have missed a further £28m in tax breaks through increasing their savings.

IFAP chief executive David Elms says: “This is another area where people are totally oblivious to the amount of money they are gifting the taxman.”


IFA response to Standard results

Master Adviser managing director Doug Brodie says: “I thought the figures looked good bearing in mind the reduction in sales. I would hope that they are now going to focus on profits and not distribution.”Brodie welcomes the changes in reporting standards that will mean he will be able to compare the providers alongside each other […]

PTI appoints Richard Garland to head assault on health care markets

Personal Touch Insurance has appointed Richard Garland to set up its new specialist healthcare “supermarket” for intermediaries. Garland will become PTI health care director, having 20 years experience in the financial services industry, including being national account manager at BUPA. PTI is working to develop a network of financial services “superstores” in every town to […]

Standard sales plummet 27 per cent

Standard Life saw UK life and pensions business fall 27 per cent to annual premium equivalent sales of £956m in 2003 from £1.31bn in 2002. Sales of independent pensions fell 35 per cent to £302m in 2003 compared to £467m the previous year, while group pension sales were down 17 per cent at £326m from […]

The FSA&#39s stance on Standard

Thank you for your letter of January 23 about Standard Life. The question of the corporate structure of Standard Life and of any other mutual is entirely a matter for its board and its members. The FSA has not recommended that the company should demutualise and has no objective that this should happen. Our concern […]


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