26th March 2012

ISA & Tax Planning Twitterview

Following on from previously successful Twitterviews on Business Transition and Protection, on the afternoon of 26^th March, Panacea ran a ‘Twitterview’ covering ISAs and Tax Planning.

Using no more than 140 characters per answer, we got the lowdown from Alex Morris, Partner & Independent Financial Adviser at Financial Relationships, who provided his views on Tax & ISA regulation and his main focuses for success. 

See below for the full transcript of the Twitterview.

@FinRelatLLP  Will RDR reduce the cost and TER’s of ISA’s especially in the light of platform rebates being passed back to clients? How?

@Panacea Yes, the cost will come down in so much as hidden charges and commission kick backs will be refunded to clients.

@FinRelatLLP How do you see discretionary fund management ISA propositions developing on platforms?

@Panacea It may add more cost than going directly to DFM but would allow for more choice. Cost versus choice is important.

@FinRelatLLP Should ISA’s have more SIPP like investment capability as some funds are now of £500k plus?

@Panacea Yes. Investment options in ISA's should mirror those in pensions. An added benefit would also be Trust's for ISA's.

@FinRelatLLP What excites you most about the future of the ISA market?

@Panacea Product innovation around investment options, hopefully falling costs with RDR and larger ISA limit allowances.

@FinRelatLLP How off putting are the super silly tax rates for those earning £100k or more? We should be encouraging talent not killing it?

@Panacea  Very. At least we have seen a move to reduce the tax burden on Britians talent. Higher tax = less tax collected.

@FinRelatLLP Would reforming the UK Economy be best achieved by allowing tax relief’s and incentives to Foreign companies and governments?

@Panacea It would certainly help. The same incentives must be given to British firms as well. Labour and high tax dont work.

@FinRelatLLP Why should anyone care what the boss off a privately owned company earns. Government or public funded office is different.

@Panacea They shouldnt. It is private money with risk and reward attached to it. We should be encouraging wealth and pay.

@FinRelatLLP What tax reform would you like to see?

@PanaceaThose on business followed by those on individuals. Stop messing around with income tax and pension allowances.

@FinRelatLLP Many thanks for your time this afternoon Alex and a very informative Twitterview

If you would be interested in taking part in a Panacea Twitterview in the future, please let us know!

FSA/FCA