Dunne is deluded or ill-informed

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Monday, September 4th 2006, 6:18AM

by Philip Macalister

Had this response to our story and Blog on Revenue Minister Peter Dunne blaming opposition to tax changes on UK-Listed Investment Trusts

Mr Dunne is factually incorrect when he says that the opposition to the investment tax changes are being led by UK-based investment trusts. As a business with a client base approaching 1,000, we have as a result of client requests, provided a format by which our clients can voice their concerns to the politicians sponsoring this tax grab. None of our clients are invested in UK investment trusts. Approx. 70% of our clients will be worse off under the proposed changes. There is a reason the proposals have been roundly criticised by every one of the 3,800 submissions made to the select committee - it is simply bad policy. The legal and accounting fraternity have also expressed unanimous concern at this misguided policy - does Mr Dunne really think that both of those professional groups are only the mouth piece for the UK investment trust sector? The policy is fundamentally flawed and it is this issue which people are reacting against. An issue which Mr Dunne should concentrate on rather than trying to point the finger at red herrings. Given that returns from global equities were 186% of the returns from New Zealand equities, with less volatility, the proposals can only be seen as a cynical tax grab on ordinary kiwi mum's and dad's who have saved hard for their retirement. Either Mr Dunne is being very badly advised, or worse still, he is choosing to ignore the valid concerns of investors and their professional advisers alike.

Craig Myles, Myles Financial Planning

Also this over at Russell's Blog

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