For intermediaries only

Welcome to June's Latest News.

As we approach the end of June, it's hard to believe the first six month's of the year are nearly over. It's been a busy time - we've seen the introduction of MiFID II and GDPR and IDD is still to come later this year. We hope you find this newsletter helpful as we keep you up to date on what's happening on those topics and many more.

This month we cover work that the Office of Tax Simplification has been undertaking in relation to inheritance tax and also the tax treatment of savings income. We let you know about the our updated GDPR compliant protection forms, consolidated tax vouchers, the drawdown test at age 75 and also HMRC's 100th edition of their pension schemes newsletter.

Read on to find out more.

Making tax simpler

According to the latest HMRC estimates the total inheritance tax (IHT) raised in tax year 2017/18 was £5.2 billion, up 8% from 2016/17. The Chancellor, Philip Hammond, wrote to the Office of Tax Simplification (OTS) on 19 January 2018 asking it to undertake a wholesale review of IHT with the aim of finding opportunities to simplify it. In February, the OTS published a scoping document in relation to the review and in April, a call for evidence on IHT.

Another piece of work the OTS have carried out is a review of the tax treatment of savings income, with the aim of identifying areas that could be simplified. You can find out what it focused on and its main observations. These are areas you could really add value to when providing guidance and advice to your clients.

Find out more


In the news