View more on these topics

1.6Bn down the IHT drain

Tax net widening to cover 3.6 million people by 2009

People will waste 1.6bn through poor inheritance tax planning this year, a rise of 400m on last year, says IFA Promotion.

The IHT net will catch 3.6 million people by 2009, says accountants Grant Thornton.

Grant Thornton, with Lombard Street research, says the figure shows a 70 per cent rise from 2002, when the threshold caught 2.1 million people.

IFAP warns that it is not just the wealthy who are being stung by the tax. Chief executive David Elms says seeking advice is critical to make informed choices and minimise IHT exposure. It is offering a free guide for IFAs to define IHT, explain planning, will-writing and alternative investments.

Elms says: “People need to be aware that the IHT threshold has failed to rise in line with soaring property prices. It is vital that people seek advice from an IFA so they can make informed decisions on IHT planning and avoid wasting their precious inheritance.”

Grant Thornton head of private client services Ian Johnson says: “Death has long been deemed a convenient way to raise tax on the value of a deceased person’s assets or estate. The tax is easy to collect and complications arising from valuations are less likely to be contested but this is no longer just the domain of the rich.”


Lewis faces quiz on CTF

The slow take-up of child trust funds is being investigated by the Treasury select committee. With nearly one million vouchers out of the two million issued still uninvested, the select committee is set to grill Treasury Economic Sec- retary Ivan Lewis on the issue this week. The poor statistics have brought renewed calls on the […]

Scot Prov launches claims guide

Scottish Provident has produced a series of guides to making claims for policyholders and financial advisers.The four tailored guides explain the claims process and what happens at each stage.They also include the circumstances in which claims require additional or special consideration and information about the Lifeline service which offers free independent advice to policyholders and […]

FSA considers enforcement action over web VCT marketing

The FSA has raised concerns over the web-based financial promotions of 11 intermediaries marketing VCTs and is considering enforcement action against the worst offenders.The regulator identified VCTs as an area of potential risk to consumers in March 2005 and also wrote to intermediaries in August over worries investors were not being given a balanced view […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm