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.
IHT
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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.
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Platform One to offer expat-friendly AIM IHT service
Platform One and Stellar Asset Management have partnered to offer the “first” AIM inheritance tax service available on a UK platform.
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British IHT bills likely to average over 130K
UK families are facing average inheritance tax bills of up to £130K; according to research from Canada Life International; highlighting the need for more planning to reduce the liability.
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Inheritance tax reform promised in UK election battle
Britain’s Conservative Party has vowed to reform inheritance taxes in a bid to counter the Labour Party’s promise to abolish the ‘non-domicile’ regime as the UK election campaign heats up.
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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.
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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.