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.
The UK tax office has recently updated its rules for transferring any unused portion of basic and additional IHT thresholds when the first person in a marriage or civil partnership dies.
North Yorkshire stately home Castle Howard has donated Roman artwork to the nation in lieu of nearly £5.5m ($7.1m, €6.1m) owed in inheritance tax.
An estimated one million people have opted for self-invested personal pensions (Sipp) as they offer a wide choice and the freedom to invest almost anywhere. Hargreaves Lansdown have put together some of the lesser-known facts about the increasingly popular retirement vehicle.
The IHT take has risen dramatically in the UK over the last two years leading insurer NFU Mutual to warn that HM Revenue & Customs may be getting more aggressive with estates, despite the introduction of a new nil rate residence band.
British expats still have some crucial misunderstandings about their domicile status and tax position that could leave them and their loved ones financially exposed and even land them in trouble with HM Revenue & Customs, warns Rachael Griffin, financial planning expert at Old Mutual Wealth.
Attractive exemptions to the inheritance tax (IHT) regime as well as low capital gains tax rates could face the chopping block amid concerns that Britain is heading for a second general election this year.
The amount of inheritance tax saved by leaving money to charities in the UK is predicted to surpass £900m (€1,027m, $1,159m) in the next financial year, following a sharp increase in the amount of charitable donations left in wills.
Financial advisers expect a boom in demand for inheritance tax (IHT) advice and are looking to strengthen business partnerships with lawyers to help them cope.
Intergenerational wealth disparity, tax simplification and removal of the £1m lifetime pension allowance are all addressed in a remarkable letter to the prime minister from Brewin Dolphin chief executive David Nicol.
Now that the start button for the phased introduction of the nil rate residential band has been pressed, John Haley, technical sales manager at Utmost Wealth Solutions, explains that there are “many holes to leap through” to achieve the biggest outcome.
