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
Holly Hill’s insights on protection planning and financial resilience quoted in IFA magazine
We are pleased to share that Holly Hill, Associate Director at John Lamb Hill Oldridge, has been quoted in a recent IFA Magazine article: “In Focus: how can protection planning strengthen financial resilience? Expert perspectives.” [...]
Podcast: Paula Steele joins Merryn Talks Money LIVE at Bloomberg HQ to discuss “What’s eating away at inheritance money?”
The latest episode of Merryn Talks Money, featuring Paula Steele, Director at John Lamb Hill Oldridge, is now live. The discussion covers passing on inheritance to beneficiaries as well as other pertinent personal finance topics [...]
Podcast: Ken Maxwell shares his insights on life insurance solutions to long-term inheritance tax liability
We are delighted that Ken Maxwell, Director at John Lamb Hill Oldridge, was invited to feature in a new podcast with IFA Magazine discussing long-term inheritance tax planning. Ken explains why whole-of-life cover is not [...]