The belief that UK pension transfers peaked in 2017 has been proven wrong as figures from the UK’s Office for National Statistics (ONS) show £10.6bn flowed out of defined benefit schemes in the first quarter of 2018.
With HM Revenue & Customs’ take from inheritance tax climbing steadily, Canaccord’s head of wealth planning gives his top five measures to mitigate its effect.
Advisers battling the complexity of the UK’s inheritance tax are being asked to contact the government’s Office for Tax Simplification.
Sanlam UK has launched an inheritance tax service that enables clients to mitigate liabilities and generate long-term growth by investing in smaller companies on the Alternative Investment Market.
The UK government hauled in £5.2bn ($7.2bn, €5.9bn) of inheritance tax receipts during the 2017/18 tax year, a figure 8% higher than the previous year.
Investors and savers have just one day left to take advantage of the current tax exemptions and benefits before new rules come into force in the UK on 6 April.
The marriage of late comedian Ken Dodd to his long-term partner, and the fact that HM Revenue & Customs lost out on nearly £3m ($4.2m, €3.4m) as a result, has prompted questions about the timing of financial planning, especially so-called “deathbed planning”.
The final joke was on the UK taxman, as Liverpudlian comedian Sir Ken Dodd married his partner of more than 40 years just days before his final curtain, ringfencing his fortune from IHT.
Portfolios targeting inheritance tax mitigation have a new benchmark.
The UK’s Office of Tax Simplification (OTS) will publish a report on the processes and complexities around inheritance tax (IHT) in autumn 2018, opening the door to the possibility that IHT could be simplified within the next two years.
Inheritance tax rules are yet again set to change in a bid by the UK chancellor Philip Hammond to simplify the process.
One person in 25 in the UK expects to inherit an estate over a million pounds, according to research from Canada Life.
