Sanlam launches inheritance tax mitigation service
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.
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.
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.