Most (71%) of advisers are worried about pensions becoming liable for inheritance tax (IHT) and more than half (52%) of their clients will be impacted by the rule change, Quilter has found.
Quilter's data collected from more than 460 IFAs found that advisers expect 38% of their client book will need ‘rewrapping' to alternative tax wrappers in the next 12 months. This is because of fiscal drag, cuts in capital gains tax allowances, and the abolition of the lifetime allowance that have complicated and increased the tax burden on UK taxpayers, Quilter highlighted. From 2027, pensions will also be subject to IHT, adding to the complexity of estate planning. Advice landscape has ‘fundamentally shifted' The advice landscape has fundamentally shifted, and advisers recognis...
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