Friendly Societies And Tesps
EDM number 657 in 2002-03, proposed by Alan Meale on 05/02/2003.
That this House expresses its concern that the Inland Revenue and Treasury are currently consulting on proposals which, if adopted, would deny an annual savings product to the less affluent, significantly worsen financial exclusion and damage the future sustainability of Friendly Societies; is alarmed by the proposal to abolish the Inland Revenue qualifying regime which if enacted would remove Friendly Society tax exempt savings products, a mechanism recognised as offering direct savings products to the less affluent who would not otherwise be able to afford to save; and calls upon Her Majesty's Government to abandon any plans to abolish the qualifying policy, thereby securing the provision of savings products for the less well off, whilst at the same time ensuring the future sustainability of Friendly Societys within a diverse financial services market.
This motion has been signed by a total of 81 MPs.
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