UK - The Investment Management Association is calling for a fundamental review of the taxation of funds and savings income.
The IMA’s pre-Budget representations to the government also call for more clarity in the tax treatment of authorised investment funds and for the removal of corporation tax on property funds.
The tax prevents pension schemes and charities from taking advantage of property investment funds as they are not able to reclaim the corporation tax paid in the fund at a rate of 20%.
The trade body also called for the government to permit property investment funds to be eligible investments inside the ISA wrapper.
It wants to see charities and pension funds exempt from paying stamp dut on acquisitions and dealings in authorised investment funds.
This submission follows IMA proposals in September - included in a document entitled Investing in Savers ñ for a simplified tax regime.
The secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.