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.
IHT
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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.
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IHT savings to hit new record through SME relief
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.
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UK’s new IHT allowance seen as tricky to achieve
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.
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HMRC spares ‘non-aggressive’ trusts from IHT avoidance scheme crackdown
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.
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UK gov’t to cut pension allowances for high income earners
The UK government will begin to reduce pension annual allowances for those on incomes of over £150,000 from April next year, the chancellor George Osborne announced in his Summer Budget.
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Summer Budget 2015: Saving the wealthy from record IHT rates?
Last week, it was revealed that HM Revenue & Customs took in a record £379m worth of inheritance tax (IHT) in April, but with the Tories today confirming a more lenient approach to the tax in Wednesday’s Summer Budget, what is the future price of passing down wealth?
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HMRC takes in record levels of inheritance tax
HM Revenue & Customs took in nearly £400m worth of inheritance tax payments in April, the biggest ever amount for a single month.
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Canada Life prepares for IHT changes with ‘unique’ product
Canada Life has launched what it describes as a “unique” estate planning product to protect overseas investors and owners of large estates against inheritance tax liabilities.
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What’s next for overseas investors in UK property?
As of 6 April 2015, non-UK residents will no longer benefit from attractive tax advantages when they invest in the UK residential property market.
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UK election result puts IHT and pension tax in spotlight
The surprise majority victory by the Conservative Party in the UK general election could mean changes to inheritance tax rules and tax relief on pensions are more likely, though initially for most financial advisers the outcome simply means business as usual.