Call for Govt review of ASP taxes

Billy MacKay, marketing director at AJ Bell, believes stock market volatility has strengthened the case for reviewing the range of taxes faced by retirees using ASP, as they are unfair on many investors. MacKay says a 75-year old male who enters an ASP at age 75 would have received an average income of £102 for every £1,000 invested in October 2007, but this has fallen to just £92 per £1,000 based on rates to be introduced next month. He argues pensioners are already seeing a substantial loss on their income, through lower ASP rates and the effects of falling equity values on any unsecu...