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.
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.
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.
Guernsey’s Government has passed legislation allowing flexi-drawdown for its international pension plans, including delisted QROPS funds.
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.
UK taxpayers are set to save a record £565m in inheritance tax this year by taking advantage of a Government scheme which offers relief to investors in small businesses.
New inheritance tax thresholds on family homes introduced in the UK Government’s Summer Budget are more complex than many people realise, according to a specialist in estate planning and tax advice.
HM Revenue & Customs has proposed strengthening the ‘hallmarks’ it uses to identify inheritance tax planning arrangements but has excluded certain types of trusts used alongside life assurance policies.