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Jelley claims victory as Revenue signals U-turn on IHT reform

The arbitrary 10-year periodic charge on discounted gift trusts introduced by the Chancellor in this year’s Budget looks set to be removed.

Skandia head of tax and financial planning Colin Jelley says he has received verbal confirmation from the Revenue.

He describes this as a significant victory for the industry, which has been lobbying for this since the Chancellor’s overhaul of the inheritance tax rules in March.

He says the Revenue has confirmed that the value of the transfer will now be equivalent to the whole transfer less the value of any income the settler has taken, as was the case before the Budget.

This means that if, for example, a young parent on average earnings dies before the DGT reaches its tenth anniversary of creation, the trustees will not now incur a tax charge on the whole value of the investment bond and the beneficiaries will also be spared a further tax charge when the assets are distributed.

Jelley, who sits on the Association of British Insurers’ product tax panel, says he will continue to lobby the Government to ensure this is enshrined in legislation.

He says: “This is valuable clarification from the Revenue. They are aware that the spotlight is very strongly on them and they are listening very hard to what we have to say. But this is not to say that ministers will accept our representations so we still need to make our case and make it strongly.”


Merger for pension and actuarial firms

Actuarial and pension specialists Wolanski & Co and CheckleyFisher have merged to create Wolanski CheckleyFisher. Both firms specialise in corporate pensions and the combined firm will create a new player in the actuarial market, made up of seven fully-qualified owner-manager actuaries.

Remortgage decline could signal demise of rate tarts

The Council of Mortgage Lenders has revealed a drop in remortgages. Data for March shows that remortgaging accounted for 36 per cent or 10.3bn of lending which is 5 per cent less than in February and 10 per cent lower than March 2005. Despite the fluctuations, the CML says remortgaging remains a significant part of […]

Get planning up to par

The IFP runs one non-financial planning-related event in its calendar. The annual golf day, sponsored by Old Mutual, took place recently and attrac-ted 60 people.


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