articles
Articles
Select a news topic from the list below, then select a news article to read.
Barnett Waddingham opens new Edinburgh office
Pensions and SIPP consultancy Barnett Waddingham has boosted its Scottish presence by opening a new office in Edinburgh.
- Details
- Hits: 68
Aberdeen launches new SIPP and Junior SIPP
Aberdeen has today launched a new and enhanced Self-Invested Personal Pension (SIPP), and free Junior SIPP.
- Details
- Hits: 180
Standard Life turns to NatWest for pensions and savings head
Angela Byrne has been appointed as CEO of Standard Life’s pension and savings business.
- Details
- Hits: 427
Trustees urged to take action to beat pension fraud
Pension trustees have been urged to take action to beat pension fraud, as analysis of Action Fraud reports has shown that savers over 55 are most at risk.
- Details
- Hits: 173
Budget25: IHT threshold freeze extended to 2031
The Chancellor announced in the Budget that the freeze on inheritance tax thresholds will be extended for a further year to 2030-31.
By then the government will rake in a predicted £14.5bn per year from the tax.
IHT receipts are forecast to raise £9bn in 2025/26, a 4.5% increase from last year with receipts expected to continue to increase over the forecast period.
Receipts will continue to climb, driven by rising house and equity prices and the impact of the polices announced at the Autumn Budget 2024, reaching £14.5bn in 2030/31.
Relative to the OBR’s March forecast, receipts are expected to be £0.8bn lower by 2029/30 due to lower in-year outturn which is only partially offset by higher forecast equity prices.
Simon Martin, head of UK technical services at Utmost Wealth Solutions, said: “Inheritance tax receipts are set to increase from last year and over the forecast period as frozen thresholds, rising asset prices, a tightening of the regime at the Autumn 2024 Budget and extending the freeze on IHT free allowances combine to drive increasing collections for the Treasury.
“It sets the scene for continued demand for professional advice as high-net-worth clients look to understand how they may be impacted.”
Rachael Griffin, tax and financial planning expert at Quilter, said: “Inheritance tax is one of the UK’s most hated taxes. What was once a tax on only the wealthiest families will increasingly impact those with even relatively modest estates, who after a decade of frozen thresholds alongside rising house prices, will be snagged by the tax. Add to that the significant changes coming in April 2027, when pensions will be drawn into taxable estates, and the government looks set to cash in on an ever-expanding pool of taxpayers.”
She pointed out that alongside the freeze on thresholds, inheritance tax free allowances have also been frozen until 2030-31.
Ms Griffin said: “While they won’t be getting any more generous, maximising every available allowance will be vital for families looking to ensure they pass on as much of their wealth as possible, while leaving as little as possible in the hands of the taxman.”
- Details
- Hits: 186