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Octopus Investments launches IHT and estate planning helpdesk

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Octopus Investments launches IHT and estate planning helpdesk

Octopus Investments has launched ‘Ask Octopus’, a helpdesk offering technical support on inheritance tax (IHT) and estate planning to financial advisers.

The ‘Ask Octopus’ helpdesk aims to make the complex matters of estate and inheritance tax planning simple.

Advisers can submit questions to the helpdesk via the Octopus Investments website and get a response back from the team.

Advisers can also book a meeting with a member of the team directly to ask their question.

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The Octopus team of experts will help with a range of points:

  • Providing responses to technical questions about estate planning and IHT.
  • Providing clarity on tax rules in relation to a client’s estate planning.
  • Helping advisers to better understand some of the legalities of estate planning, such as wills and probate.

Octopus Investments tax product specialist, Toyin Oyeneyin, said: “We know that a large majority of advisers are not part of networks or national firms.

“This means they may not have the broader technical team support that they need to best serve their clients and outsourcing can prove costly.

“Even those that are part of larger organisations don’t always have the access to the technical help they’re really looking for.

“‘Ask Octopus’ will enable us to provide that much-needed, free support to advisers.

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“It will allow us to gain a better understanding of the sort of issues advisers are grappling with and to learn more about how we can then help them and their clients.”

Calls are growing for chancellor Rachel Reeves to simplify IHT ahead of her first Budget on 30 October after receipts rose again.

The latest HMRC figures reveal IHT receipts collected by the Treasury surged to £2.8bn in the last quarter (April to July).

This is £0.2bn – or 9% – higher than the same period last year.

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Alastair Black, head of savings policy at Abrdn, said: “Without any IHT reform, these numbers will only continue to rise. In fact, the OBR has projected receipts could reach £9.7bn by the end of the decade.

“Following Rachel Reeves’ announcement of a £22bn ‘hole’ in UK finances, speculation is rife about potential tax hikes, with IHT mooted as one possibility. With this in mind, we eagerly anticipate what will be unveiled in the upcoming Budget.”

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