PBR: IFA reaction - "Clients hit by bank bonus levy"

clock

Advisers give their verdicts on some unexpected proposals set out today in Alistair Darling's Pre-Budget Report (PBR).

Carl Lamb, managing director of IFA Almary Green "The Chancellor’s decision to impose a one-off levy of 50% on any bank bonuses above £25,000 begs the question: 'Who will pay for this?" Ultimately, I fear the customer will have to pay. "High earners may need to look at viable alternatives due to the change in pension tax relief. Should these people consider venture capital trusts, which give 30% tax relief? People need to be thinking outside of the traditional box. "It is always the private sector that bears the brunt - there is not enough focus on the public sector. The gap betwee...

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 Economics / Markets

UK inflation rises to 3.8% in July

UK inflation rises to 3.8% in July

Core CPI also up to 3.8%

Sorin Dojan
clock 20 August 2025 • 2 min read
Bank of England meets expectations and cuts rates to 4%

Bank of England meets expectations and cuts rates to 4%

Lowest level in two and a half years

Isabel Baxter
clock 07 August 2025 • 4 min read
Think tank warns UK fiscal hole could surpass £50bn by 2030

Think tank warns UK fiscal hole could surpass £50bn by 2030

Government not on track to meet ‘stability rule’

Sorin Dojan
clock 06 August 2025 • 1 min read