Keeping you ahead of the game
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Latest news and developments from HSBC Life
It pays to keep up to date. Here we’ll give you the latest news, commentary and developments at HSBC Life – including product and service launches or enhancements, and more.
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Inheritance Tax Receipts Are Adding Up
HSBC Life offers support for advisers and their clients with its Inheritance Tax (IHT) calculator.
IHT receipts continue to rise and for April 2024 to August 2024 they are £3.5 billion, which is £0.3 billion higher than the same period last year. *
Our new and improved IHT calculator is designed to estimate current and future client liabilities including gifting plans and increased asset values.
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Onshore Investment Bonds And Long-Term Care Planning
Meeting the cost of residential and nursing care in old age is a growing issue for many individuals. As life expectancy increases, more people can anticipate requiring some form of long-term care.
The local authority will carry out a needs assessment to establish whether an individual meets the assistance eligibility criteria. Next, the authority will examine whether residential care is an appropriate way to meet these needs, before deciding if they can help with the cost.
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How does the Autumn statement affect the Investment Bonds vs Collectives debate?
Factors to consider when deciding how to invest capital most tax efficiently, once the ‘tax no brainers’ have been exhausted.
After the ‘excitement’ of the Autumn Statement in November 2022, and everything that preceded it, where do the various tax changes/reversals leave the ‘bonds v collectives’ decision? We asked Tony Wickenden of Technical Connection to provide his thoughts in the following article which is based on a bulletin published on the Technical Connection Techlink Professional platform.
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Autumn statement expands customer base for investment bonds
Tax efficiency entry points for considering investment bonds will be ‘materially lower’ in 2023/24
Autumn Statement changes to income tax thresholds, Capital Gains Tax and dividend taxation (taking effect from 6th April 2023) will expand the potential customer base for UK and offshore bonds, according to new analysis by Technical Connection Ltd, a leading tax and trust consultancy business published on their Techlink knowledge management platform.
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Advisers and clients need to focus on trust registration deadline to avoid risk of HRMC fines
Advisers who have written onshore investment bonds in trust for clients will find these clients are affected by new rules, created as part of changes in anti-money laundering regulations. The new rules mean any UK express trust must register the details of their beneficial owners – the settlors, trustees, and beneficiaries – with TRS by 1 September 2022. Any trusts created after 1 September will have 90 days to register. Discretionary and absolute trusts are subject to the rules, as well as any discounted gift trust, loan trust and gift trust.
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The time for onshore investment bonds has arrived
Onshore investment bonds are a tax-effective wrapper available for investment planning for the medium to long-term
Delivering a well-balanced portfolio to provide tax-efficient income and growth for clients is more challenging for advisers than it has been for many years and will be further impacted by the freezing of personal allowances announced in this year’s budget.