IHT cut 'would rock the financial advice sector' amid busy LTA period

Inheritance tax receipts on track for a record breaking year

Hope Coumbe
clock • 1 min read

A decision from chancellor Jeremy Hunt to abolish inheritance tax (IHT) in next month’s Spring Budget “would rock the financial advice sector,” Abrdn says.

Head of savings policy Alastair Black has today (21 February) said advisers are already facing heavy workloads as the end of the tax year approaches. "The sudden pressure to unwind existing planning would strain advisers' capacity at a time when they are already very busy helping clients navigate the lifetime allowance (LTA) abolition," he stated. Black said Abrdn believed abolishment was "unlikely", stating the chancellor's focus should instead be on simplifying tax.  "This will make it easier for people to understand IHT and to ultimately plan more effectively - helping reduce th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Minimising clients' IHT liabilities: Where there's a will there's a way

Minimising clients' IHT liabilities: Where there's a will there's a way

There are ways to mitigate an anticipated inheritance tax bill

Richard Burgess
clock 08 April 2024 • 4 min read
HMRC warns about taking benefits until it fixes LTA abolition rules

HMRC warns about taking benefits until it fixes LTA abolition rules

Request came just two days before the LTA abolishment date

Jonathan Stapleton
clock 05 April 2024 • 1 min read
Child benefit changes extend tax trap to more parents

Child benefit changes extend tax trap to more parents

'We know that lots of parents are bamboozled by the system'

Laura Suter
clock 04 April 2024 • 3 min read