IFAs still confused by nil rate band rules
Some are uncertain about tax penalties and what the limit is for gifts
Some are uncertain about tax penalties and what the limit is for gifts
Tax and financial planning expert suggests several key changes to the UK inheritance tax regime
IHT planning, nil rate bands and replacing pension scheme death benefits are some of the reasons life insurance needs to remain a core part of financial planning, according to Chris Lean, a chartered financial planner with Aisa International. Click through the slides below to see six key reasons advisers need to speak to clients about…
New HMRC guidelines on how people can downsize their home but retain the value of their previous residence for inheritance tax reduction purposes have been branded ‘impenetrable’ by accountancy body the ICAEW.
The new Residence Nil Rate Band (RNRB) could have some complicated domicile-related ‘international’ aspects to consider, explains Graeme Robb, technical manager for the Prudential.
A staggering 70% of people have no understanding of the new residence nil rate band allowance coming into force on 6 April, which could have serious implications for their inheritance tax planning, warns Old Mutual Wealth financial planning expert, Rachael Griffin.
Around 75% of wealthy are unaware of the new ‘residence nil rate band’ inheritance tax allowance (IHT), due to be introduced in April next year, according to research by Canada Life.
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.