The UK new non-dom rules which were dramatically dropped from the government’s finance bill has left those who prepared for those changes “in a very difficult position”, says Paul Thompson, tax and estate planning consultant at Canada Life.
With changes to the UK non-domicile regime set to go live next month, Canada Life’s Neil Jones talks through what the reforms mean for property, taxation and IHT planning.
Wealthy British residents over the age of 45 are forgetting or ignoring simple estate planning tools that could help them to pass on more of their estate to their families, according to Canada Life’s annual IHT survey.
Canada Life has enhanced its well-known onshore bond, the Select Account, with the addition of a discounted gift trust (DGT) feature.
Address: Canada Life House, Isle of Man Business Park, Douglas, Isle of Man, IM2 2QJ Tel: +44 (0)1624 820200 Fax: +44 (0)1624 820201 Email: adviser.support@canadalifeint.com Website: www.canadalifeint.com
Canada Life International has extended the availability of capital redemption bond (CRB) options to its Dublin-based trust products offered by Canada Life International Assurance (Ireland).
Around 75% of wealthy are unaware of the new ‘residence nil rate band’ inheritance tax allowance (IHT), due to be introduced in April next year, according to research by Canada Life.
More than three in five UK adults with assets above the individual inheritance tax (IHT) threshold do not know what the limit is and are potentially putting their families at risk of an unexpected tax bill, according to Canada Life.
Canada Life has removed the fair value adjustment on property values in its commercial property funds imposed at the start of the month when it lifted a suspension of redemptions.
Canada Life has lifted the suspension of redemptions on its commercial property life and pension funds, after its decision on 6 July to put a stop on withdrawals in reaction to the UK’s Brexit vote.
Canada Life’s second quarter premiums rose by more than 50% compared to the previous year due to a surge in the sale of funds, figures from its parent company Great-West Life show.
Canada Life has reassured financial advisers that clients using its life bonds can still access their money even if part of their funds are in suspended UK commercial property funds.
