Navigating IHT Changes for Non-Doms, APR/BPR, & Pensions
The Evolving Landscape
Recent years have introduced new complexities and challenges regarding how individuals protect their estates. Key regulatory shifts impacting the market include:
Non-domiciled individuals (non-doms) are now treated as long-term residents, requiring cover for new IHT liabilities before the updated rules take effect in April 2025.
Upcoming adjustments to Agricultural Property Relief (APR) and Business Property Relief (BPR) are coming into play this April.
Historically, insurers would often require clients to wait until a legislative effective date to put policies on risk, delaying crucial protection.
A Positive Shift in the Market
Fortunately, insurers are adopting a more pragmatic and positive approach to help clients secure their financial futures ahead of time. Most notably:
Insurers are now allowing pensions to be included in IHT calculations immediately.
Clients and advisors no longer have to wait until the pension-related changes come into force in April 2027 to set up their protection.
This forward-thinking approach enables clients to address future tax liabilities today, ensuring their estate is protected without unnecessary delays.
Other Insights
Video interview: “Whole-of-life is only to ‘protect the assets you’ll die living in and living off’” published by FT Adviser
Holly Hill, Director at John Lamb Hill Oldridge, recently spoke with Sonia Rach at the FT Adviser about the role of life insurance in inheritance tax planning for high-net-worth and ultra-high-net-worth clients. In the interview, [...]
Navigating IHT Changes for Non-Doms, APR/BPR, & Pensions
Recent years have introduced new complexities and challenges regarding how individuals protect their estates.
‘A succession plan is only as strong as its liquidity strategy’ by Ken Maxwell published in Eprivateclient
A recent article by Ken Maxwell, Director at John Lamb Hill Oldridge, has been published in EPrivateClient, exploring an often-overlooked aspect of succession planning: liquidity. The article examines why even the most carefully structured succession [...]