IHT tools to escape HMRC tax disclosure rules
Including popular inheritance tax planning vehicles in the UK’s tax avoidance disclosure regime would be a step too far, HM Revenue & Customs has agreed.
IHT
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Close Brothers AM sees record inflows into IHT service
UK wealth manager Close Brothers Asset Management (CBAM) said its Close Inheritance Tax Service (CITS), which can help investors reduce death duties, had raised a record £45m ($64m, €59m) in 2015.
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Call to sort out IHT ‘mess of complexity and uncertainty’
The influential chairman of the UK’s Treasury Select Committee has called for a more simple approach to the planned rise in the inheritance tax threshold for the estates of those who die on or after 6 April 2017.
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No IHT on drawdown funds, deeds of variation get reprieve
Inheritance tax will not be charged when pension scheme funds are earmarked for drawdown but do not draw all of the funds before death, the Autumn Statement said.
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UK non-dom changes unfair, unreasonable, disproportionate
Plans that would effectively end the UK’s non-domicile status for tax purposes have the potential to do more harm than good and could be contrary to EU law, according to the Institute of Chartered Accountants.
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Old Mutual warns of UK pension transfer IHT trap
Savers suffering from ill health could see their pension pots subject to inheritance tax if they transfer to a scheme that gives them greater access to the UK’s pension flexibilities, Old Mutual Wealth has warned.
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Culling UK deed of variation ruling puts families ‘at risk’
Abolishing the UK’s deed of variation legislation as a means of tackling tax avoidance could risk causing distress to bereaved families, warned the Association of Taxation Technicians.
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Unicorn launches IHT portfolio service
Unicorn Asset Management and WM Capital Management have launched an Inheritance Tax Portfolio Service.
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DeVere forms alliance with law firm
International IFA giant deVere has partnered with global law firm Stephenson Harwood to offer its clients access to legal advice on financial planning issues.
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EU succession regulation moves beyond borders
Intended to simplify succession law throughout the EU, legislation known as ‘Brussels IV’ now applies to the estates of deceased people in most EU countries.
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Guernsey gives green light for flexi-drawdown changes
Guernsey’s Government has passed legislation allowing flexi-drawdown for its international pension plans, including delisted QROPS funds.
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New twist in IHT rules allows non property owners to gain
People do not need to own a property to take advantage of the new UK inheritance tax rules, according to a detailed technical note released by HM Revenue & Customs.