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Will Chancellor lick stamp duty?

Autif would like to see Chancellor Gordon Brown relax stamp duty on share transactions within funds of funds. This type of savings vehicle is hit twice by the levy, which does not make any sense.

Both the main fund and the funds it invests in are taxed the 0.5 per cent duty when purchases take place and the Government should rectify this situation in next week&#39s Budget.

We also want to see the details about how individual pension accounts will be made exempt from stamp duty in practice. The Treasury has already said the new pension vehicles will avoid the duty but we have yet to see any details about how this will work.

Despite this, we are sceptical that the Chancellor will make any changes that will affect UK fund managers so close to a general election. Brown will avoid technical changes and instead opt for spending money on popular measures more likely to attract votes. Because of this, we are not drawing up a major wish list this year.


Cousins tells FSA to act on endowment surrenders

Labour MP Jim Cousins has slammed the FSA for failing to ensure that life offices provide endowment policyholders with all the available options when they are looking to surrender their policy. Cousins has written to FSA chairman Howard Davies demanding that he take action to prevent policyholders being kept in the dark any longer over […]

Norwich Union cash plan targets singles

Norwich Union is aiming its employee only healthcare cash plan at companies who want more affordable benefits for their single employees.It gives employees the benefits of its existing company cash plan that relate to single people but at half the cost. This plan does not cover partners and children.The plan has five levels of cover […]

Nottingham IFA is jailed after £145,000 fraud

A Nottingham IFA has been jailed for two years and nine months for taking £145,000 in cash from clients, using it to pay off his own debts and fund his lavish lifestyle. Nottingham Crown Court heard that Malcolm Peter Millward, 50, of Bush, Taylor & Partners had fraudulently obtained the money from 18 clients between […]

Gartmore appoints two to investment team

Gartmore is appointing Nigel Kennett and David Backhouse to its investment division.Kenett is to be appointed as a pan European analyst focusing on consumer goods and services. Kennett comes from six years at Royal & Sun Alliance where he was a pan European food and retail analyst.Backhouse joins as credit research analyst. A trained accountant, […]


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