Nov 17 2006
Regulations concerning inheritance tax (IHT) have become increasingly complex this year as a result of additional legislation, an investment and insurance services provider has noted.
Legal & General have noted the difficulties regarding the tax before announcing the launch of a new discounted scheme for IHT planning.
Meuryn Iorwerth, director of bonds at Legal & General, said: "The legislation around trusts and IHT has become very complex, especially as a result of the Schedule 20 Finance (No 2) Act 2006, which received royal assent in July."
The company added that it had engaged in consultations with a number of sources, including HM Revenue and Customs (HMRC), a barrister and a leading tax adviser to provide a scheme based on a discount gift valuation which is in accord with the law and HMRC tax standards.
Last week, Standard Life noted that individuals who do not properly plan their financial affairs for after they pass away could face greater IHT costs than they otherwise would.
