IMA calls for tax reform to help savers

The Investment Management Association (IMA) has made a pre-Budget submission to the chancellor calling for several changes to the current tax regime.

Outlining its agenda for reform, the IMA said that it would like to see annual increases in the Isa limit to ensure it reflects inflation, as well as the abolition of stamp taxes on UK equities.

IMA chief executive Richard Saunders said that such changes would send out ’a clear message’ about the importance of long-term saving to UK residents.

He commented: ’Stamp duty on equities represents a real drain on the value of people’s investments and savings.

’We are also calling for a number of other reforms which will help the competitiveness of the UK fund management industry.’

The organisation said that the government should remove elements of the current tax system that discriminate against offshore investments in collective vehicles.

According to the Independent, chancellor Alistair Darling is believed to have earmarked December 2nd for his delivery of the pre-Budget report.
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