ABI laments missed opportunities in the Budget
The Director General of the ABI, Kerrie Kelly, has expressed relief that yesterday’s Budget did not contain any further moves that would damage pension saving following the damaging and over-complicated reductions in tax relief due to take effect next year.
Kelly called on the Government to help encourage a culture of saving, praising the raising of the ISA threshold to £10,200 and welcoming the freezing of Capital Gains Tax.
However, the Director General warned that such measures only benefit present savers, whereas a savings culture requires an increase in the numbers of savers.
Kelly also lamented the missed opportunity to support global firms operating in the UK and opined that the country is now lagging behind others in terms of corporate and personal taxation.
Prior to the Budget, the ABI had called on the Chancellor to help promote saving and for British companies to be supported by not taxing income made in foreign branches, a measure that did not occur.
Category: ABI News, Insurance News
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