HMRC likely to review QROPS
HM Revenue & Customs is likely to address doubts surrounding the IHT-exemption of fully-flexible QROPS with a wide review into how overseas pensions are taxed, say industry experts.
IHT
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Fully flexible QROPS to lose IHT-exemption
QROPS which embrace HMRCs full flexibility proposals will not qualify for inheritance tax-exemption because of an omission by the Revenue, a leading provider of the schemes has said.
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Government announces IHT U-turn
The UK government has today announced a “U-turn” on plans to introduce a single settlement nil rate band on trusts.
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Govt continues tax crackdown
George Osborne has used this year’s Autumn Statement to announce a further hardening of the UK Government’s stance against offshore tax evasion, with a particular focus on tax avoidance promoters, and, for the first time, inheritance tax (IHT).
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Non doms urged to protect assets in case
Old Mutual Wealth is urging advisers with non-domiciled clients in the UK to take steps to protect their assets from IHT, in case changes to the domicile rules come into effect.
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Experts cameron aim to shoehorn IHT nil rate hike
UK prime minister David Cameron has raised the prospect of increasing the nil rate band for inheritance tax in the government’s final Budget before the next general election, which has been welcomed by international life industry tax experts.
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HMRC denies plans to charge IHT before death
HM Revenue & Customs has denied claims it plans to collect IHT from an estate before the individual has died.
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IHT receipts leap as experts warn
Inheritance tax paid to the UK Government jumped by nearly 10% in the last year, as the amount levied from estates reached £3.4bn.
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UK to waste 500m on inefficient IHT planning
More than half a billion pounds is set to be wasted this year in inheritance tax as individuals fail to place their life protection policies “under trust”.
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ioma restructures intermediary sales team
IOMA has expanded its sales function to enable access to a wider range of products across life, pensions and investments.
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Skandia praises HMRC for preventing IHT
Skandia has said that while HM Revenue & Customs prevented a mass headache by leaving existing trusts out of its proposed reforms to the calculation of inheritance tax, it will create thousands of new demands for financial advice.
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HMRC accused of assault on trusts
A leading tax specialist has described recent proposals by HM Revenue & Customs to crack down on inheritance tax avoidance as the latest in a series of assaults which may lead to the ultimate demise of trusts.