Pensions  

Your Shout: Letters to the editor

Financial Adviser Letters

Financial Adviser Letters

No special tax treatment

I think it is iniquitous that certain sections of society should think that they are entitled to special tax treatment.

For a tax system to be fair it should apply in equal measure to all members of society.

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Yes, some doctors and some civil servant are being disadvantaged by the tax system, but no more so that other higher earners. Why do they think that they deserve special treatment? 

If parts of the tax system are unfair for some high earners, then they are unfair for all high earners.

The lifetime allowance is just a nonsense, and the tapering of tax reliefs equally nonsensical.

With regard to the latter, how can we have system where the amount that can be contributed to a pension (and qualify for tax relief) cannot be properly known until after the end of the tax year when it is too late to adjust the level of contribution?

If there are going to be any changes to the tax system then these changes should apply equally to everyone not just a restricted few who seem to think they deserve special treatment.

Alan Kendrick

Oakwood Financial Services

 

Impact on small businesses

As a small business who carries out a number of short-term contracts with middle-sized organisations, I will be impacted by the IR35 legislation next year where probably all future clients will choose to de-risk and recruit all interims as paid employees.

I will be taxed as an employee and yet I receive no benefits and still need to pay accounting fees, website fees and insurance, as well as never receiving sick pay or holiday pay.

The government says it appreciates the work contractors do but in reality they will do whatever they feel raises them some money. For me, I will probably take early retirement and leave the problem behind. 

Simon North

FD Today 

 

Action on CMCs 

Following news that the regulator will be acting against misleading advertising by claims management companies(23 August): I trust the Financial Conduct Authority will also look into two grotesque practices adopted by various CMCs.

The first is where, using data protection rules, the CMCs request a client’s file purely to browse through it in search of something to claim about.

The second is where they advertise that anybody who has a plan with company X between various dates has probably been mis-sold.

Not only does this demean the entire CMC industry to the point where no rational human can trust them, but it also denigrates the bulk of hard-working advisers who do sterling work for their clients.

Alan Lakey

Highclere Financial Services

 

Unscrupulous advisers

Regarding the news that a collapsed Greyfriars Asset Management adviser owes £700,000 in claims (August 23): We seem to see a story like this one almost every week.