Standard Life has reopened its discounted gift plan from the end of this month.
Standard initially suspended its trust range earlier this year after the Budget announcement that many said created uncertainty around the tax status of gifts to trusts.
Standard estate planning specialist Julie Hutchison says this plan is eager anticpated by financial advisers as it allows both an initial gift an ongoing withdrawals, making it the most flexible plan for the majority of clients.
Hutchison says: “Two important milestones have passed. The dust is settling now that the Finance Bill has received Royal Assent and we have had clarification from HM Revenue & Customs on how the Finance Act applies to our discounted gift plan. After months of confusion and uncertainty the re-launch will mean advisers can return to business as usual in this important area of estate planning.
“But there is a knowledge gap. IFAs now have to get clued up on what different trust arrangements are available to them.”