'Extortionate' ASP tax fear

Morrison, who is pension strategy manager for Winterthur Life, hit out at the Chancellor’s plans, announced in December, to introduce extra charges on top of the original inheritance tax for ASPs. He said people with their funds in these vehicles could stand to lose as much as 112pc to the taxman and charges that high could be considered a breach of human rights. His comments come just weeks after Neil Marsh, chief executive of SIPP and SSAS provider Hornbuckle Mitchell, urged people to sign a petition urging the Government to ban what it describes as “draconian” charges. The taxes...