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Threesixty says advisers need to review trust arrangements

The majority of advisers will need to conduct a major review of their clients’ will trust arrangements following the inheritance tax changes in the Pre-Budget Report says Threesixty.

The adviser support services provider says a review will be necessary to assess whether the arrangements in place still produce the best outcome.

Threesixty partner David Ingram says will trusts have allowed advisers to arrange similar benefits to what Darling has proposed. Will trusts are designed to be chargeable transfers on death so that the deceased’s nil rate band is used while the surviving widow or widower/civil partner can still benefit from any income or capital growth from the trust if needed.

But Ingram says: “IFAs who have set these up for clients should now review the potential benefits of these trusts or consider transfer of NRBs. With the trust route any capital gains in it would be outside of the estate of the survivor on his or her death and there is certainty about who are the beneficiaries. But this route means the opportunity to benefit from the rise in the NRB of the first deceased’s will be foregone.”


Caledonia dreaming

I rarely review investment trusts, not because I do not like them but because they are a niche area for the vast majority of investors and brokers. I realise that Daniel Godfrey at the Association of Investment Companies is keen to promote them and clearly believes that commission is the cause of the problem. Hence, […]

PBR: “CGT is a tax increase by another name”

Chartered accountant MacIntyre Hudson says Chancellor Alistair Darling’s announcement that capital gains tax will be set at a flat rate of 18 per cent is “a tax increase by another name”.MacIntyre Hudson tax principal Nigel May says taxpayers who own businesses will be negatively impacted by the changes.May says: “By abolishing indexation allowance as well […]

Broker looking to make 50 staff redundancies

Mortgage broker has announced it has today asked 50 staff to consider taking voluntary redundancies.Chief executive officer Thomas Reeh says as it is heavily involved in the non-conforming sector – particularly in the medium and heavy side of business – the combination of lenders increasing rates, reducing procuration fees and withdrawing lending criteria means […]

FSA admits it needs to learn Northern Rock lessons

The FSA says it has serious lessons to learn in the aftermath of the Northern rock fiasco particularly around stress testing of extreme situations and probability analysis.Speaking at the Treasury select committee meeting today, FSA chief executive Hector Sants said the episode showed the regulator needed to look again at its supervisory processes.He said probability […]

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White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


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