Taxation Technical Committee

The UK’s tax regime in relation to savings, investments and pensions products is complex and subject to constant change. Tax law, and changes, are often used as an influencer of consumers’ behaviour, either incentivising them to save, or incentivising them to direct their savings into a particular market channel or product type, or towards a particular asset class. The tax regime, both in its application and its exemption, can be slow, clumsy and be very difficult to understand and apply. There is also a regrettable trend towards complex tax incentivised savings, to the detriment of consumer, and industry’s willingness and ability to take advantage of changes often set out to achieve desired political objectives.

Benefits to consumers


CONSUMERS WILL KNOW WHERE THEIR MONEY AND TAX IS BEING APPROPRIATELY INVESTED AND REBATED EFFICIENTLY

STRAIGHTFORWARD WAY OF SIMPLIFYING TAX FOR CUSTOMERS FROM PLATFORMS

NO NEED TO MAKE TAX CLAIMS

Benefits to industry


UNDERSTANDING HOW UK’S TAX REGIME IMPACTS UPON THE SAVINGS, PENSIONS AND INVESTMENT INDUSTRY, AND THE CONSUMER

UNDERSTANDING PROPOSED CHANGES TO RELEVANT TAX LAW AND THE LIKELY EFFECTS OF CHANGES, SEEKING CLARIFICATION WHERE NECESSARY FROM HMRC

KNOWLEDGE ON HOW PROPOSED CHANGES DRIVE, AND IMPACT, CONSUMER BEHAVIOUR

Benefits to UK economy


CONSISTENT APPROACH BY INDUSTRY RAISES STANDARDS, IMPROVES COMPLIANCE, AND IMPROVES OUTCOMES FOR CUSTOMERS

A MORE TRANSPARENT AND SIMPLIFIED TAX EFFICIENT APPROACH TO SAVINGS AND INVESTMENTS

Taxation Technical Committee

Purpose

The Taxation Technical Committee has been set up to understand and discuss how proposed changes to tax law will affect the industry and the consumer, and where appropriate to liaise with HMT and HMRC on how changes may affect the industry and the consumer, and advise on potential unintended consequences.

Areas of focus

  • Responds to tax related consultations.
  • Lobbies HMRC and HMT on tax related issues.
  • Cascades information to TISA members.
  • Attends and participates in meetings with tax authorities and regulators.

Lisa Laybourn, Head of Technical Policy and Regulation leads on this work at TISA

Firms who are members of/participating

Chair: Edward Grant, St James’s Place

Deputy Chair: Kate Nicholson, Brewin Dolphin

Aberdeen Standard Investments

Aegon UK Plc

Brewin Dolphin Ltd

CMS Cameron McKenna Nabarro Olswang LLP

JPMorgan Asset Management

L&G plc

Northern Trust

PricewaterhouseCoopers

Raymond James Investment Services Limited

Royal Bank of Scotland

Secure Trust Bank Plc

St James’s Place Wealth Management (including Technical Connection)

Standard Life Plc

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If you are a TISA member, and would like to get involved with the Taxation work, please get in touch

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