Seven changes advisers should expect from the Autumn Statement
International Adviser rounds up the expert views on what to expect ahead of the UK chancellor Philip Hammond’s debut Autumn Statement on Wednesday.
IHT
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Meet the Warringtons part 4: death, taxes, and inheritance
The fictional Warrington family is forced to deal with dividing the estate of patriarch Eric, inheritance tax, and an unexpected claim against the estate in the latest case study from Edward Stone, partner at Irwin Mitchell Private Wealth.
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Majority of wealthy UK savers unaware of IHT changes
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.
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Calls for UK non-dom reforms to be delayed until after Brexit
Upcoming changes to the tax rules governing non-UK domiciles, set to come into effect in April next year, should be postponed until the “full effects of Brexit” are understood, a leading London-headquartered accountancy firm has urged.
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The clock is ticking for UK non-doms on IHT property rule
Now is the time for advisers to help their non-UK-domiciled clients tackle the radical changes set to restrict tax benefits on indirect property holdings, says FPI’s Brendan Harper.
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IHT knowledge gap means unexpected tax bill for many
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.
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Clinton proposes 65% inheritance tax for billionaires
US presidential candidate Hillary Clinton has proposed raising inheritance tax paid by ultra-rich Americans to 65% on property valued at more than $500m (£385m, €445m), in a bid to appeal to the supporters of her former Democratic rival, Bernie Sanders.
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UK to tighten IHT rules on non-dom offshore properties
The British government plans to extend its inheritance tax (IHT) rules to cover properties held by non-domiciled residents in an offshore entity.
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UK reports record £5bn in IHT as Prudential spots advice ‘boom’
The British tax office has set a new record by raising nearly £5bn ($6.6bn, €5.9bn) in inheritance tax (IHT), according to the latest figures from HM Revenue and Customs (HMRC).
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HMRC bags record £4bn in IHT
HM Revenue and Customs (HMRC) has raised more than £4bn ($5.7bn, €5bn) in revenues from inheritance tax (IHT) for the first time in its history, according to the latest figures published by the UK tax office.
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Offshore bond demand to rise following pension changes
Over a third (36%) of professional advisers expect to recommend more offshore bonds to clients following reductions to annual and lifetime limits for pension contributions, according to Canada Life.
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Financial advisers keeping it in the family
The majority of financial advisers (82%) expect to see increasing numbers of clients referring them to other family members, according to research from Investec Wealth & Investment.