New Inheritance Tax legislation may potentially benefit you and your children. But beware of the pitfalls! As of 6th April 2017, a revised policy on Inheritance Tax will benefit some individuals with estates worth over £325,000 and their direct descendants. Prior to the introduction of this policy, an individual’s estate was subject to 40% tax on anything above the threshold of £325,000 upon their death. The introduction of the transferable nil rate band in 2007 effectively doubled this to £650,000 for a married couple leaving everything to the surviving spouse. In line with a previous manifesto promise, the government has now introduced new measures that ...
by Lester Doake
Brendan Mooney’s key themes for his term as IINI President, Involve, Invest, Network and Inspire, were strongly reflected by the line-up of speakers and topics in the 2016-2017 Insurance Institute of Northern Ireland’s (IINI) Premium Masterclass Series, which ended earlier this month. Stand out speakers included Caitriona Somers on Technology in Insurance, Rene Carayol MBE discussing Culture & Transformation and Branko Bjelobaba providing An FCA Update. Roisin Harper from McKinty and Wright was also honoured to speak at this year’s Masterclass Newry, on the topic of vicarious liability and providing a brief litigation update. The level of engagement from delegates made the event a big success and is testament to the professionalism fostered by the IINI.
Just this morning the Lord Chancellor, Liz Truss announced that the Discount Rate applied to Personal Injury cases will be reduced from 2.5% to minus 0.75% but what does this mean for Northern Ireland? What you need to know? The amendment to the Discount Rate in England and Wales comes into effect on 20th March 2017. It does not automatically apply to Northern Ireland; it is for the Department of Justice to implement a Statutory Rule to bring any amendment into effect. Given the current political situation in Northern Ireland and with the next election due to take place on Thursday 2nd March 2017, it is likely to be some time before the Discount Rate is top of the agenda and so the current rate will remain for now but watch this space.