Some recent adviser research carried out by Technical Connection reveals that concern over access and control are two of the main impediments to estate planning being carried out . Tony considers ways in which these concerns may be overcome and especially the role that appropriate protection policies in trust might play.
Death Taxes & Pension Benefits
The Chancellor announced the abolition of “death tax” on pension benefits at the Conservative Party conference. Tony looks at the accuracy of “abolition” , some of its potential consequences and some of the questions that still need to be answered.
The Personal Financial Audit
Consumers will value and pay for advice on issues that satisfy the “Three Cs ” test. Namely that the advice is on subject matter that is relatively Complex, that the Consequences of “getting it wrong” are seriously detrimental and that the answers Can’t be readily “self served”. The Personal Financial Audit satisfies these tests and represents an effective client engagement tool.
Disclosure Of Tax Avoidance Schemes and Inheritance Tax
HMRC have recently issued a new consultation entitled “Strengthening the tax avoidance disclosure regimes”. Extending the hallmarks and removing grandfathering are the two key proposals . These proposals could particularly effect some IHT planning and I consider this aspect of the proposals in my latest video blog. You can get more from our Techlink bulletin on the subject.
The Three C’s
How to focus on planning that clients will value and pay for.
Investing Corporate Cash
Cash on the balance sheet can have a negative effect on business property relief but maybe not entrepreneurs relief. Investing it requires care. Business needs, risk assessment and tax consequences must be understood before taking action.
Looking at the new proposals for taxing discretionary trusts
A Fairer way of calculating trust charges (the 3rd consultation) sets out a new basis for applying inheritance tax to discretionary trusts. Whatever is implemented in legislation next year will apply to trusts created on or after 7th June 2014 .There’s a need for advisers to consider how various financial product/trust combinations will be affected.
Mind The (Tax) Gap
The government continues its relentless attack against aggressive tax avoidance. I take a look at their strategy and how to keep the right side of the line with financial planning strategies. Boring is the new exciting.
Relevant Life Policies to avoid the lifetime allowance
Replacing death in service benefits that might cause the LTA to be exceeded by RLPs or Excepted Group Life schemes