Finance Act changes added to Skandia guide

Skandia is updating its adviser technical guidance notes, following changes in the Finance Act 2006 on IHT and trusts. In the updates, Skandia recommends advisers to take advantage of the 12-month window for reporting trust cases to HMRC, as the limits are likely to change from £10,000 to £200,000 in autumn. The company has also urged advisers to top-up pre-budget policies rather than recommend new ones. This is because HMRC has confirmed increases to these policies would remain subject to the old taxation regime and not incur any new IHT liability, whereas new policies would fall within ...