Single 15% savings tax could benefit all, says IMA

clock

The Investment Management Association has proposed radical reform of savings tax which could create a simplified single income and capital gains tax of 15% paid by investors at disposal.

Commissioned by the IMA, the 30-page Investing In Savers report suggests revenue earned by the Treasury from the take-up of investment funds could increase a fraction each year yet cut the amount of administration required by fund management firm and seem fairer to individuals as tax would be taken at a single understandable rate. The IMA points out reform may be also be necessary as there are several EU test cases questioning whether or not UK dividend tax is discriminatory. Closer inspection of the document has reviewed the complexity of six possible rates of investor tax as well a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Routine way of blending multi asset funds keeps biases impacting returns

Routine way of blending multi asset funds keeps biases impacting returns

Scopic Research to update its blending tool to mitigate inherent issue

Hope Coumbe
clock 01 March 2024 • 1 min read
Evelyn MPS team takes 'tentative' steps into Baillie Gifford EM fund

Evelyn MPS team takes 'tentative' steps into Baillie Gifford EM fund

‘It is possible we are nearing a turning point in Asia and emerging markets’

Hope Coumbe
clock 29 February 2024 • 1 min read
RSMR launches Passive Plus MPS range with five portfolios to market

RSMR launches Passive Plus MPS range with five portfolios to market

Range is aimed at advisers who prefer the simplicity of passive funds

Hope Coumbe
clock 29 February 2024 • 1 min read