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Standard gift on hold for clarity on IHT

Standard Life is suspending the launch of its discounted gift plan until the rules surrounding inheritance tax valuations are clarified.

The company, which put all its trust plans on hold following the Budget, says it needs clarity on the IHT valuation implications of payments to the settlor and how the trust will be valued in year 10 before relaunching its discounted gift plan.

It says a variety of conflicting views is causing confusion in the market and it is writing to the Revenue to seek clarification. But Standard says there will inevitably be uncertainty around possible legislative changes until the Finance Bill is passed in July.

Standard , which relaunched its absolute trust and flexible trust plans after the Budget, also says it welcomes news that the Revenue will be reviewing the levels at which gifts that are chargeable transfers bec-ome reportable on their IHT 100 forms.

The firm adds that many advisers have concerns over the reporting requirements with the four page IHT100a form – accompanied by 72 pages of guidance notes – and that more clarity over the new regime is needed.

Standard estate planning specialist Julie Hutchison says: “We very much look forward to being in a position to relaunch our discounted gift plan when these areas of concern are dealt with. The timing of our relaunch reflects our view that clarity is vital. We want to be able to be clear with advisers so they can be clear with their clients.”

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