View more on these topics

Government think-tank proposes scrapping inheritance

A key Government Cabinet Office think-tank is proposing banning inheritance as part of its plans to increase social mobility.

In its discussion paper on social mobility, published this month, the Performance and Inno-vation Unit claims upward career and social mobility from manual to higher status occupations has declined.

The PIU cites access to financial capital as one of the reasons individuals fail to move up and down the social ladder based on merit alone.

The think-tank&#39s discussion papers are designed to contribute to wider debate about devising policy, so it is not yet clear how seriously policymakers will take the most radical of the unit&#39s suggestions for change, which would have wide-ranging implications for the financial services sector and advice.

A Performance and Innovation Unit spokeswoman says: “This is not a policy document but the onus is upon policymakers to take this into account.”

IFA Marshall Williams & Co managing director Ian Williams says: “I believe you should not ban inheritance but ban inheritance tax.

“It is easy to make and lose a fortune. It takes two generations to learn how to manage money.

“Also, all every working man in the country wants is to leave what he can for his children and grandchildren.”

Recommended

Offices gear up for test case result on windfall payouts

Life offices on the brink of demutualisation are gearing up for the outcome of a test case which could allow IFAs and providers to offset windfall payouts against misselling compensation.The test case, brought by PI insurers Collegiate Insur-ance on behalf of IFA Needler Financial Services, is being heard on July 16. The FSA says IFAs […]

Sun Bank goes halves on flexibility

Sun Bank has designed fix & flex, a flexible mortgage that allows borrowers to split their repayments between a fixed rate and a variable rate.The mortgage is available for loans of up to 90 per cent of valuation. Under the fixed rate component, which is stepped over two years, borrowers pay 4.74 per cent until […]

FPS Group launches pension administration website

Pension scheme and administrative services provider FPS Group is launching an internet platform to enable employers to administer pensions online.The platform allows employers to update, monitor and pay into a stakeholder scheme via the internet. Employees will also be able to access details of their pensions online.FPSS Group chief executive Richard Stirrup says: “With the […]

Newbury 5 free from redemption penalty

Newbury Building Society has improved its Newbury 5 mortgage, which has a five year discount and no early redemption penalties.Loans of up to 75 per cent of valuation have the biggest discount – 0.5 per cent, giving a payable rate of 5.74 per cent. Loans of between 76 and 90 per cent of valuation have […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com