UK to review ‘complex’ inheritance tax
Chancellor Philip Hammond has written to the Office of Tax Simplification (OTS) asking it to carry out a review into inheritance tax (IHT), which he said is “particularly complex” at present.
IHT
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Thesis launches AIM portfolio for IHT planning
Thesis Asset Management has launched an Alternative Investment Market (AIM) portfolio service to help clients mitigate inheritance tax (IHT).
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HMRC’s rules for IHT on downsizing property are ‘impenetrable’
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.
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Higher IHT take points to a more aggressive HMRC
The IHT take has risen dramatically in the last two years leading NFU Mutual to warn that HMRC may be getting more aggressive with estates, even as the new nil rate residence band is introduced.
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Tidal wave of wealth transfer ‘to boost economy by £677bn a year’
Upcoming wealth transfer of £2.8trn from the older to younger generation will boost the UK economy by £677bn a year, according to research.
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Dear PM… Brewin chief demands May act on savings crisis
Intergeneration wealth disparity, tax simplification and removal of the £1m lifetime pension allowance are all addressed in a remarkable letter to the prime minister from Brewin Dolphin CEO David Nicol.
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Call to sort out IHT ‘mess of complexity and uncertainty’
The influential chairman of the UK’s Treasury Select Committee has called for a more simple approach to the planned rise in the inheritance tax threshold for the estates of those who die on or after 6 April 2017.
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No IHT on drawdown funds, deeds of variation get reprieve
Inheritance tax will not be charged when pension scheme funds are earmarked for drawdown but do not draw all of the funds before death, the Autumn Statement said.
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Unicorn launches IHT portfolio service
Unicorn Asset Management and WM Capital Management have launched an Inheritance Tax Portfolio Service.