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.
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.
As HMRC remains focused on new rules for inheritance tax and trusts, Old Mutual Wealth has responded to calls for greater IHT flexibility with its newly launched lifestyle trust.
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.
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.
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.
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.
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.
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.
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.
Unicorn Asset Management and WM Capital Management have launched an Inheritance Tax Portfolio Service.
International IFA giant deVere has partnered with global law firm Stephenson Harwood to offer its clients access to legal advice on financial planning issues.
