Investors seek help over glitch
Protection for small investors against losses resulting from last week's computer failure on the Stock Exchange is being demanded by the body representing private client stockbrokers.
The Association of Private Client Investment Managers and Stockbrokers is lobbying the Government for a dispensation to small investors who are landed with unexpected tax bills because of the glitch
The exchange was closed for nearly eight hours last Wednesday, the final day of the tax year. This would normally have been one of the busiest days of the year because investors sell to realise gains in shares to use up their annual capital gains tax allowance - £7,100 for the year that ended on Wednesday. Investors who were unable to sell that day may face a tax bill when they eventually do sell. Some investors sell on the last day of the tax year to realise losses that can be set against gains on other investments.
Leading private client stockbrokers said they had managed to push through all deals requested by clients on Wednesday because the exchange stayed open late after the glitch was fixed.
But brokers admitted that some investors may have abandoned plans to deal because of the long delay and not tried a second time later in the day.
Mike Jones, the association chairman , said it wanted the Government to consider assisting people who could prove they had been disadvantaged.
The Financial Services Authority announced an investigation into the computer breakdown but offered no special arrangements for small investors to air their grievances. A spokesman said investors should contact their broker and if they were not satisfied to contact the Securities and Futures Authority (0207 676 1000) which regulates brokers.
Some investors who did manage to execute deals may also wonder whether they were quoted the best prices. Brokers said that once trading started again the spreads between buying and selling prices were wide, indicating a disorderly market.
However, it would be almost impossible, they said, for investors to prove they had dealt at unfair prices.
Gavin Oldham, chief executive of the Share Centre predicted that small investors would benefit from the fiasco if firms measuring annual fees for Isas and other products -often calculated on 5 April - did so on artifically low prices.
Net cuts tax
Tax returns are starting to drop on to doormats following the start of the new tax year last Thursday. Around 9 million forms will be sent out.
Taxpayers wanting the Inland Revenue to calculate their bills must submit completed returns by 30 September. The final deadline for forms to reach officials is 31 January 2001, but those sending them in after 30 September must do their own calculations.
This year, for the first time, taxpayers will qualify for discounts off their tax bills by making returns via the Internet. For individuals the reduction is £10, while small business can qualify for cuts in VAT and tax of up to £150.
Taxpayers can register now to file their returns through the Internet, although the service will not become available until later this month. The website address for registration is www.inlandrevenue.gov.uk
Watch your pots
As the gardening season starts, insurers are warning that thieves may now be as likely to target the outside of a home as the inside.
Nearly one person in five has been victim of 'pot theft' or knows someone who has lost garden items, says a survey by Royal & SunAlliance. The items the thieves want most are statues, tubs and shrubs.
Annuity aid
People nearing retirement are offered a free guide to pension annuities by the Finance Services Authority. Call 0800 917 3311.
