UNCLAIMED ASSETS
"The BSA welcomes the Treasury’s recognition that the dormant account schemes currently being run by the financial services sector are helping reunite people with their money. We are of the firm belief that this money belongs to those who deposited it, not to Government, charity or anyone else. In the case of mutuals unclaimed monies are used for the benefit of all members not shareholders."
BARKER REVIEW
"The review into housing supply by Kate Barker has come up with some radical suggestions. We welcome the government’s commitment to consult on these proposals. It is clear that with changing lifestyles, for instance more single households, we will require increased housing supply in the future as people are already priced out of the market. If the housing market is to remain sustainable this issue needs to be tackled now."
INHERITANCE TAX
"As people’s homes are worth more and more, their estates are caught by inheritance tax. We welcome the Chancellor’s decision to raise the limit to £263,000 which will ensure that 95% of estates are not caught by this tax."
STAMP DUTY
"The amount of money going into the Treasury from stamp duty has tripled since 1997. We welcome the Chancellor’s decision, as far as it goes, to leave levels as they are, but a cut to recognise the pressure on first time buyers would have been more sensible. Homeowners are already paying twice the EU average in property-related taxes."
SAVINGS
"We are very disappointed that yet another Budget statement has gone by without a reference to savers, who have not been mentioned since 2001. The Government has taken some welcome steps to start to tackle the savings gap in this country, however, the Chancellor is determined to go ahead with cutting the limit on cash ISAs from £3,000 to £1,000 in 2006. Given the overwhelming popularity of this savings scheme is seems perverse the Chancellor has not reconsidered this decision."
MILES REVIEW
"Professor Miles made a number of sensible suggestions to enable people to properly consider all they need to, including affordability in the long-term, and we look forward to working with the Government and the FSA on implementing these proposals. We particularly welcome the recommendation to allow building societies to raise the money they would need in order to compete effectively in the long-term market."
