The Government has confirmed that it has scrapped plans to introduce the Inheritance Tax (IHT) settlement Nil Rate Band and replace it with new rules to be announced in next week’s Finance Bill.
Spouses and civil partners will be able to inherit their deceased partner’s ISAs and retain the tax advantages.
The Chancellor confirmed the new pension death benefit rules to be introduced in April 2015:
According to the Chancellor, George Osborne, the UK is the fastest growing economy in the G7.
A number of economic issues sparked a sharp sell-off in global equities between mid-September and mid-October, highlighted by a 7% fall in the MSCI World index.
Mario Draghi announced on 6 November that the ECB is prepared to inject 1tr euros to stimulate the eurozone in a bid to stave off deflation.
The European Commission cut its economic outlook for the eurozone on Tuesday, predicting it would grow only 1.1 per cent in 2015, down from a forecast of 1.7 per cent just six months ago.
Given that the third quarter of the year was a period plagued with geopolitical tension, the FTSE World index delivered a surprising gain of 2.7%.
From 1 October 2014 the rules of intestacy have been simplified with the Inheritance and Trustees’ Powers Act 2014.
Italy faces enormous challenges. The Italian economy is in its third recession since 2008, having contracted for the second consecutive quarter by 0.2% in Q2 2014.
From April 2015, People with defined contribution pension savings will no longer have to worry about their pension savings being taxed at 55% on death.
August saw an increased divergence between Japan and the Eurozone, and the US and UK. This will be reflected by the monetary policy stance of central banks in the coming months.
