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Get off to an early start to beat the inheritance tax trap

Families are being warned to begin estate planning earlier after this year’s Budget restricted to the nil-rate band the amount that can be gifted into a trust free of inheritance tax.

Fund manager Way Group says thousands of families risk falling into the IHT trap by starting estate planning too late in life.

Its research shows that men typically begin planning at 69 and women at 72.

Chairman Paul Wilcox says the Budget changes, which effectively restrict tax-free gifts into trust to a maximum of 285,000 every seven years, provide a strong incentive for even the moderately wealthy to start planning earlier.

The average person will have only one complete seven-year period left between starting IHT planning and death.

Wilcox says: “Families should not be lulled into thinking IHT planning is something to be delayed until much later in life.”

The Halifax says rising property prices mean that the number of homes valued above the IHT threshold could triple to 4.6 million by 2020.


‘400% Rise in pension guidance papers’

Pensions tax “simplification” has swamped the industry, with a 400 per cent increase in technical guidance and nearly double the number of pages of legislation that existed before A-Day. Standard Life says Revenue & Customs has broken promises to sweep away hundreds of pages of pension legislation and almost 1,000 pages of guidance. It has […]

Big leap in lending as HBOS share rises

HBOS has seen a dramatic rise in mortgage lending over the first six months of this year. Brokers believe the UK’s biggest lender is unlikely to be hit by the emergence of new players in the market because of its vast size and reputation. HBOS reported an increase in gross lending to 35.2bn from 27.6bn […]

Batchelor quits Platform for Lehman role

Platform sales and marketing director Guy Batchelor has quit the lender to join Lehman Brothers in the new year.Batchelor, who will be on gardening leave until the end of the year, will become Lehman’s executive director responsible for franchise development in the firm’s European mortgage capital business. Following the shock move, Platform has announced that […]

Mortgage plc enters prime buy to let market

Mortgages plc, the UK lender and subsidiary of Merrill Lynch, has today entered the prime buy to let market by launching a range of products which includes prime buy to let and ‘house to let’ options.


Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]


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