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Office of Tax Simplification’s first report on inheritance tax

Office of Tax Simplification’s first report on inheritance tax

The Office of Tax Simplification (OTS) has published the first part of its inheritance tax (IHT) simplification review. The report highlights a variety of issues with the current IHT system: IHT returns are submitted for about half of all estates, even though tax is paid by less than 5%; Most of the paperwork cannot be completed and submitted online and is far from user-friendly; Probate is not normally granted until IHT has been paid, which can create difficulty for executor

New probate fees to affect many estates

New probate fees to affect many estates

The government has revived plans to raise probate fees in England and Wales. A new, banded structure for probate fees in England and Wales is to be introduced, according to a written statement issued a week after the 2018 Budget by the Parliamentary Under Secretary of State for Justice. The announcement comes after the absence of inheritance tax (IHT) reforms in the Budget, despite the Chancellor commissioning a review by the Office of Tax Simplification in January 2018. The

Index-linked savings certificates

Index-linked savings certificates

The popular National Savings & Investments (NS&I) savings certificates will be indexed to CPI instead of RPI from next year. The certificates have not been on sale since 2011, but NS&I allow existing certificate holders to reinvest in new series of certificates when their old ones mature. The terms have gradually worsened over the years and at present reinvestment promises a return of RPI inflation +0.01% a year. For certificates maturing from 1 May 2019, the basis of indexat

State pension equality means increases for all

State pension equality means increases for all

The State Pension Age (SPA) became equal for men and women for the first time, at age 65, on 6 November 2018. Having reached this landmark, the next stage of SPA increases has already started. For both men and women, the state pension will become payable for anyone born between 6 December 1953 and 5 January 1954 on 6 March 2019. The SPA will then be increased to reach age 66 by October 2020. The SPA is scheduled to rise again as existing legislation already covers the increas

Making a difference at Christmas

Making a difference at Christmas

Since December 2010, instead of sending our clients traditional Christmas cards, Bluecoat Wealth Management has sent electronic greetings cards and added the money saved to our Kiva account. I first heard about Kiva, at a philanthropy talk given by the Charities Aid Foundation who described Kiva as a new kind of Charitable Giving* or a new way for Philanthropists to use their money. Kiva enables individuals and companies to lend to people and small businesses in the Third Wor

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