The LibDems will not advocate scrapping inheritance tax but are looking at measures such as axing the gift rules in an attempt to make the tax fairer.Speaking at a tax commission debate in Brighton, Shadow Chancellor Vince Cable said the basic principles of IHT were “hard to quarrel with” but he would be looking at measures to ensure the richest could not escape the tax. Cable said IHT policy was a conspicuous hole in current LibDem thinking and the party needed more time to come up with well thought-out reforms. He suggested that the tax had wide consensus across the political spectrum but a major worry was the perception that the wealthiest could get round the tax by using advisers and accountants. Cable told delegates that one measure he would be looking at was amending the rules on gifts, which are currently free of IHT after seven years, and gift trusts. He said policy announcements in this area would be announced within the next year. Cable said: “I do accept the principles of IHT. The problem is certain well-off people can find a way around it. The question is what do you do about it? To scrap it would be very costly. “Can we get rid of gift rules and trusts? We need more time to look at this work.”
More than a third of homeowners face the prospect of working into retirement just to pay their mortgage, according to research from The One Account.Some 36 per cent of homeowners predict they’ll be at least 60 before they own their home, and 43 per cent believe their mortgage prevents them from saving.For 25-29 year olds, […]
HSBC’s announcement that it is to shift its core UK equity business away from Halbis Partners to its multimanager team has raised a few eyebrows in the investment community.
Bupa has launched a pandemic flu treatment service which will help companies to protect their employees against the effects of pandemic flu.The Bupa Wellness service will give employees access to anti-viral treatments, support for business planning and information for employees about the risks of pandemic flu and what they need to do.Bupa says the UK […]
The coup in Thailand came at an unfortunate time as far as I was concerned. There I was in a television studio, with the first interview completed. I was awaiting the next opportunity to share my opinions on what the market might be about to do when the news broke and my thoughts on Footsie behaviour became relegated to the cutting room floor. Not that the coup appears to have had any great implications. With tourism such an important element on Thailand’s economic mix, the army generals went out of their way to explain that their intervention was a temporary necessity and that everything would be returned to normal as swiftly as possible.
It was only a matter of time before The Pensions Regulator (TPR) started to issue escalating penalty notices, and that time has come. In its latest compliance and enforcement bulletin1, it lays out the powers it has used so far: These figures should come as no surprise to anyone in the corporate market and there […]
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
Fiducia managing director on ‘good old-fashioned’ customer service in the digital world Anthony Scott is adept in the art of communication. As an adviser and a novelist (he has written the novels ‘On Ashover Hill’ and ‘The Birthday Gift’) it is crucial for the Fiducia Group managing director to engage and build a rapport with […]
The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]