Former Home Secretary David Blunkett says inheritance tax needs to be reshaped radically to ensure fairness and the Government must clamp down further on those seeking to avoid the tax through complex planning.Speaking at a Resolution Foundation event at the House of Commons, Blunkett said Chancellor Gordon Brown’s Budget crackdown on trusts was a welcome move but advisers would find ways of getting round the new regime. He said a rethink was needed to solve the IHT conundrum and move away from a situation where the wealthiest are able to avoid the tax while an increasing number of the population could be hit. Blunkett said: “The problem is that better-off people are least likely to pay it. Gordon’s crackdown was very welcome but every time we do something like this, advisers come up with new ways to advise on avoidance.” In a pamphlet released this week in association with the Resolution Foundation, Blunkett rejects calls for IHT to be scrapped as this would “reinforce disadvantage”. The pamphlet says there is “a strong argument for reshaping inheritance tax and clamping down on the mechanisms used by the rich to avoid paying it”. Former Cabinet minister Stephen Byers recently called for IHT to be scrapped, describing it as a “penalty on hard work, thrift and enterprise”. The Tories’ independent tax commission will next week call for the IHT burden on primary residences to be removed.
Cordea Savills has appointed former manager of the ING UK residential property fund Patrick Carr as director of UK Residential.Carr joins the residential team managing the diversified residential opportunities fund, the Cordea Savills student hall fund and the accommodation investment fund for charities.Carr worked for ING Real Estate for seven years spending the last two […]
Friends Provident has appointed a new group finance director to take over from Philip Moore on November 13.Jim Smart previously group chief financial officer at Boots Group before the merger with Alliance Unichem will be stepping into the role and will join the board on January 1 2007 subject to FSA approval.Philip Moore will succeed […]
Bancassurers remain a growing threat to advisers as the dominant force in distribution, warns Bankhall chief executive Peter Mann. He told delegates that while IFAs still handle most life and pension business in the UK, their share has fallen while bancassurers’ share has risen. Mann cited Datamonitor figures showing IFA market share has fallen from […]
Brokers have raised concerns that a direct mortgage website that pays half the proc fee to the customer could create commission bias and misbuying. The website, moneyback mortgages.com, searches for a mortgage from its panel of 53 lenders based on the borrower’s personal details and rebates 50 per cent of the proc fee. On a […]
Vincent Chailley, CIO of H2O Asset Management, discusses the key investment factors in 2016, including volatility, the disconnection between central banks and its implications on markets, as well as opportunities that may exist for investors.
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The Financial Services Compensation Scheme has declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund has received around 150 claims for compensation relating to the three businesses. Those claims relate to how the businesses set up, operated and administered Sipps through which people invested in […]
The Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period. The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years. It has […]
Sam Seaton talks about how her interest in people affects her approach to technology