View more on these topics

Thousands call for ‘big picture reform’ on IHT

probateAn “unprecedented” amount of people have called for a reform on inheritance tax, according to a review from the Office of Tax Simplification.

The report, published this morning by the independent adviser to the government, highlights the complexities arising from the reliefs, stating suggestions have been made about the interaction of the reliefs with the wider tax framework and potential distortions that may arise about the timing of transactions.

The largely negative feedback received show the difficulties bereaved families find when submitting forms, which can be more than 90 pages long in some instances, causing issues with obtaining probate.

The review details views from both advisers and the general public, including almost 3,000 responses to an online survey, 500 personal emails from the public and 100 formal written responses to a call for evidence. It comes after the chancellor asked the OTS to carry out a review of IHT and make recommendations on simplifications to the relief.

OTS chairman Angela Knight hopes the recommendations in the report will make it easier for the majority and would mean many in the future may not have to do the forms at all. “Improving the administration of this tax in these ways is important as having to deal with the current process can seem overwhelming to people at a time when they are both preoccupied and distressed.”

Recommended

5

Chris Gilchrist: The property dream is over

The British have an obsession with residential property shared by few other Europeans. In many places on the continent, you rent city centre flats until you retire, when you buy or build a home in the country. Europeans devote around 15 per cent of spendable income to housing compared with a typical 30 per cent […]

4

National IFA cuts network ties to go DA

National IFA Continuum Financial Services has decided to cut ties with the Caerus network to become directly authorised. The 38-adviser firm says that with assets under influence set to exceed £1bn in the next 18 months, it has opted to go directly authorised so it can have greater flexibility over its client and adviser proposition. […]

5

Fears protection commission disclosure will turn clients off advisers

As new disclosure rules bring the full extent of protection commissions into the spotlight, experts are asking if this will see clients ditch their advisers in favour of execution-only services. Under the Insurance Distribution Directive, from 1 October advisers have had to provide clients with information before a product sale about any commission received, which […]

14

Lib Dems up campaign for state pension equality

The Liberal Democrats have stepped up their campaign for state pension equality, asking new pensions secretary Amber Rudd to address the reasons why women face lower pensions than men. The party has again called for progress on helping women born in the 1950s hit with state pension age rises, a cause popularised by the Women […]

protect

A tailored approach to protection

By Ian Smart, Product Architect, Royal London In an ideal world, clients would be able to afford as much protection cover as they wanted, but few would describe current times as anything approaching ideal. But this doesn’t mean that they have to indulge in an either/or decision that results in missing out on some essential […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com