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Scrapping PTA ‘is deliberate tax ploy’

Standard Life warns of that loss of PTA will result in higher IHT bills. by Sam Shaw

The Government’s proposal to scrap stand-alone pension term assurance may result in even more clients being stung by inheritance tax bills, warns Standard Life.

Head of estate planning Julie Hutchison says ending stand-alone PTA is a deliberate ploy to glean more revenue from taxpayers.

She says: “What problem is the Government seeing here? If we lose stand-alone PTA, it may result in higher IHT bills being paid. Alternative term insurance policies will be subject to IHT charges but PTA would have to be subject to a master trust and would therefore sit outside the deceased’s estate.”

An annex to the pre-Budget report says: “The rebound in the housing market during 2006 will increase receipts of both capital gains tax and inheritance tax from 2007/08, given tax payment lags.”

Park Row Corporate & Private Clients IFA Tony Clements says: “Yet again, the Government has wasted industry time and resource by introducing PTA in April and only eight months later taking it away.”


Halifax wants IHT link to house prices

Halifax is calling on the Government to raise the inheritance tax threshold to 430,000 and to make a commitment to link the threshold to house price inflation in the future.

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HMRC helping to remove artificial gains

An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]


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