Treasury

The Finance Bill 2006 has been published with a guidance note from Her Majesty's Revenue and Customs (HMRC) to clarify there will be no retrospective Inheritance Tax (IHT) charge on trusts written before Budget Day.

The Financial Service Authority (FSA) has published its consultation paper detailing how it intends to regulate all personal pensions, from April 2007.

THE TREASURY HAS admitted it has no idea how many taxpayers will have to rewrite their wills to avoid a new inheritance tax charge introduced in the Budget, reports The Times.

The Treasury has announced it will go ahead with option three of the regulation of personal pensions in particular Self-Invested Personal Pensions (Sipps), in its response to a consultation published last year.

The Treasury aims to cut back "disproportionate" requirements to report information to the Financial Services Authority (FSA) in its proposed amendments to the Financial Services and Markets Act 2000 (FSMA).

Treasury proposals to relax the Financial Services Authority's requirement to consult on rule changes could disadvantage small firms, says the Association of Independent Financial Advisers.

A CULL OF as many as 300 staff is expected if Henderson Group succeeds in its bid approach for the rival fund management house Gartmore, reports The Times .

The Treasury has indicated a National Pension Savings Scheme (NPSS) or alternative "could be useful" in helping the savings gap during discussions with the International Monetary Fund (IMF).

Tax specialists are revving up their best guesses ahead of this year's budget on the issue of the level of tax relief accorded venture capital trusts, even as a growing number are expected to close early because of high investor demand.

Industry members suggest inheritance tax (IHT) rules on pensions are unlikely to be revealed until the Budget, leaving advisers with just two weeks to get all the details in place.