Skandia has launched an online inheritance tax calculator and has published a new guide to help advisers with IHT reporting.
The guide has been designed to help advisers compete forms IHT100 and IHT100a because HMRC guidance notes run to over 70 pages.
The online IHT calculator aims to help advisers assess their clients’ liability to IHT.
Skandia head of tax and estate planning Colin Jelley says: “HMRC indicated that they would make an announcement in the autumn regarding reporting thresholds, but we are yet to hear anything. The feedback we have had from advisers is that they want to be able to access the information that is relevant to them and applies to insurance-based schemes in a concise and straightforward way, which is why we have published our guide to the new forms.
“With the current reporting thresholds requiring advisers to report on any CLTs above £10,000, a mountain of paperwork can very quickly build up. We are providing support to advisers advising on trusts with our range of technical guides and online tools because we want to try and make life easier for advisers working in this area.”