HM Revenue & Customs has proposed a limit to the amount an individual can transfer into a series of trusts tax free, in its latest attempt to crack down on the use of multiple trusts to avoid inheritance tax (IHT).
IOMA has broadened its product range with the introduction of an estate planning tool designed to regulate the distribution of client wealth to child beneficiaries.
Trusts are the standard way to pass down family wealth to future generations. But recent tax changes mean that family investment companies may offer a more tax-efficient option, says Grant Thornton’s Emma Hunt.
Over a third of people in the UK aged over 65 are failing to plan their inheritance because they feel care costs will leave them with nothing to pass on.
Following on from international accountancy firm UHYs news that Ireland and the UK are the two most expensive countries in the world for IHT, we take a look at some other expensive jurisdictions…
The UK and Ireland levy the highest rates of inheritance tax in the world, with rates many times higher than the global average, according to a recent study.
Financial experts reacted positively to David Camerons proposed reform to the inheritance tax (IHT) threshold but doubted the reality of its implementation.
Lombard International Assurance has unveiled a new asset-gifting plan that it says will permit UK-resident individuals to bequeath assets to their children, while retaining "some control over when they receive them".
UK residents with assets of more than £325,000 are not the only ones who might be concerned that the UK’s inheritance tax threshold is failing to keep pace with inflation: expats, for example, ought to be studying the matter as well.
HM Revenue & Customs has sought to reduce the complexity of the way inheritance tax trust charges are calculated, in a consultation document released late yesterday in London.
As the very public inheritance row involving Frances richest woman, L’Oréal heiress Liliane Bettencourt, and her daughter might suggest, the younger generation does not always react with deferential gratitude to the share of the family fortune they are allocated.
Neil Chadwick, technical marketing manager for Royal London 360°, discusses the importance of using protection policies to cover anticipated inheritance tax liabilities.
