Simplicity and lower taxation are the key themes of the Investment Management Association's lobbying...
Simplicity and lower taxation are the key themes of the Investment Management Association's lobbying paper released today ahead of chancellor Gordon Brown's pre-Budget statement due next month.
To start with, the association says changes should be made to ensure tax rules covering collective investment schemes are made fair over the long term given the prospects for significant regime change being urged by Sandler and others.
It says that Individual Pension Accounts should be made into portable wrappers rather than schemes, and that ISAs and PEPs should benefit from an extension of the tax credit on distributions with savers able to move more easily between cash and stocks and shares components.
Stamp duty remains a problem, the IMA says, but instead of focusing its attentions on simply abolishing stamp duty it is arguing for reform of existing rules, including making it cheaper for fund management groups to re-organise and rationalise fund ranges.
The government is also being urged to exempt common investment funds from VAT on management charges as these funds are used mostly by charities.
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