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.
Chancellor Philip Hammond has written to the Office of Tax Simplification (OTS) asking it to carry out a review into inheritance tax (IHT), which he said is “particularly complex” at present.
More than two thirds of UK consumers with assets of more than £325,000 ($454,305, €370,339) do not know their estate may be liable for an inheritance tax (IHT) bill, according to research by Canada Life.
With inheritance tax payments hitting a record high at the end of 2017, the new year is a good time for advisers to ensure that clients are being as tax efficient as possible when passing on wealth to future generations, law firm Collyer Bristow has advised.
Two heterosexual men in Dublin are to tie the knot so that one can inherit the house of the other without being hit with inheritance tax.
Quilter Cheviot has launched a strategy investing in the alternative investment market (Aim), targeted at UK-based high net worth investors.
Two international life companies gave conflicting views on the tax treatment of offshore bonds to chartered financial planner Patrick Murphy, of Zen Wealth, in his quest to offer fee-based advice for his UK domiciled clients who have been tax resident in Spain for 10 years.
New rules for the taxation of non-domiciles are likely to come into force this month, back-dated to take effect from 6 April.
IHT planning, nil rate bands and replacing pension scheme death benefits are some of the reasons life insurance needs to remain a core part of financial planning, according to Chris Lean, a chartered financial planner with Aisa International. Click through the slides below to see six key reasons advisers need to speak to clients about…
Inheritance tax receipts have risen steadily since 2009/10 and while it is still a small slice of the UK’s overall GDP, the percentage is increasing and advisers need to help clients plan accordingly as it’s not just the wealthy that can be hit, Killik & Co’s Sarah Hollowell tells International Adviser.
