IHT receipts - still on the increase
Thursday, 27 September 2007
HM Revenue & Customs (HMRC) has issued a forecast of tax receipts for 2007-08.
Inheritance tax receipts are estimated to be £3.990 billion for 2007-08. This represents an increase of 12.5% on the actual receipts for 2006-07.
HMRC has also released details of inheritance tax paid in June and July 2007. The total receipts for the two months (£698 million) represent an increase of 12.22% over the equivalent period in 2006.
Commenting on these figures Douglas Law, Head of Marketing at Scottish Life International said:
"The data released by HMRC is hard evidence of the increasing impact of inheritance tax.
"It is interesting to note that the "nil rate band" only increased by 5.26% between 2006-07 and 2007-08. Personal wealth is obviously increasing at a much faster rate.
"Those wishing their children to benefit rather than the Exchequer need to start planning now. Although plans to reform, or even abolish inheritance tax have been outlined, it is unlikely that these will come to fruition in the near future."
– ENDS –
Notes to Editors
Scottish Life International was launched in 1996 and is now part of the Royal London Group. The company has grown rapidly in size and now has funds under management in excess of 767m / $1.14bn from investors in the UK and around the world (as at 30 June 2007). Scottish Life International is based in the Isle of Man, where it is supervised by the Isle of Man Government Insurance and Pensions Authority.
Scottish Life International is a member of the Association of International Life Offices (AILO) and sponsors IFA Promotion (IFAP), which supports the need for independent financial advice.
Holders of policies issued by Scottish Life International Insurance Company Limited, based in the Isle of Man, will not be protected by the UK Financial Services Compensation Scheme if the company becomes unable to meet its liabilities to them.
Policyholders will however be protected by the Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991.
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
• Scottish Life - UK pensions market
• Bright Grey - UK protection market
• Scottish Life International - offshore investment markets
• RLAM - fund management
• RLAS - life and pensions administration
Royal London is one of the stronger life and pension companies in the UK and has a particularly strong track record for with profits performance.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £32.7bn / $65.5bn. Group businesses serve around three million customers and employ 2,570 people. (Figures quoted are as at 30 June 2007.)
Contact details
For further information, please contact: pressoffice@sli.co.im / 0131 456 6031 or
Douglas Law
Head of Marketing
Scottish Life International
Tel: 0131 456 6031
Mobile: 07919 170 074
douglas.law@sli.co.im