The calculations mark an increase of over 30,000 deaths every year paying IHT as more estates caught in tax net by reforms.

Utmost Wealth Solutions said in a statement on 13 November that “frozen thresholds and non-dom changes will create a significant opportunity for financial advisers to support more clients with wealth transfer”.

Additional forecasts by the Office for Budget Responsibility (OBR) released alongside the Budget demonstrate the significant impact of changes made to the inheritance tax (IHT) regime.

The reforms create a ‘growing opportunity’ for intermediaries to help clients efficiently manage their estates as more and more estates are caught in the IHT net over the coming years, according to Utmost Wealth Solutions, a leading provider of insurance-based wealth solutions.

In supplementary tables from the Budget, the OBR estimates that the proportion of deaths subject to inheritance tax will rise from 5.1% in 2022/23 to 9.5% by the end of the decade (2029/30).

It marks a near-doubling of those being caught by IHT with the number of deaths subject to inheritance tax rising by over 30,000 with expectations that it will increase from 35,000 to 66,600 over the same time period.

The UK Chancellor announced in the Budget that the freeze in the Nil Rate Band and Residence Nil Rate Band will both be extended a further two years until 2029/30. In addition, Rachel Reeves instigated major changes to Business Relief and Agricultural Property Relief as well as (subject to consultation) eliminating pension death benefits.

The inheritance tax system will also see reforms for Resident Non-Doms (RNDs), removing the link between domicile and IHT. It means RNDs resident in the UK for over four years will be subject to UK taxation on their worldwide income and gains. IHT will follow them when they leave the UK if they have been UK resident for 10 out of the last 20 years with this new status taking as long as 10 years to lose.

In comparison, currently RNDs see no IHT payable on death on their non-UK assets and are exempt from worldwide exposure unless UK resident for 15 years. At this point they are deemed domiciled and subject to IHT on worldwide assets but could, in theory, shake this deemed domicile position after being outside the UK for 3 full tax years.

Marc Acheson, global wealth specialist at Utmost Wealth Solutions, said: “Inheritance tax is often badged as one of the UK’s most unpopular taxes but can be perceived as ‘voluntary’ in that there are steps that can be taken to reduce its impact.

“The reforms announced by the Chancellor will create a growing opportunity for advisers as more and more individuals seek help in navigating the new rules with the OBR estimating that, by the end of the decade, twice as many people will be impacted by IHT every year.

“In the short-term, we expect to see a surge in demand from individuals looking to re-engage advisers and reconsider their plans. The clampdown on the number of assets exempt from IHT will see strategies shift to lifetime gifting earlier and more often to individuals or trusts as well as spending pension pots.

“The Budget is also likely to increase interest in insurance policies and death benefits that can protect individuals against IHT liabilities while unit linked life assurance could help advisers defer tax for their clients until a chargeable event occurs.”

The legal proceedings began in early June – and defence will be due in court during the summer.

A source told IA that the class action is based upon the alleged mis-selling of fraudulent high-risk funds – which there was reported “questionable industry practices”.

The investors in question are reportedly mainly retirees or nearing pension age, many of whom reportedly transferred their low-paying pensions to offshore funds that allegedly promised far better returns.

In some cases, these funds were allegedly purchased without the investors knowledge and understanding.

IA reached out to Utmost and FPI for a comment – and both firms declined to comment.

Previous claims

This comes several years after a group of UK and international investors launched a multi-million-pound claim against life insurers Quilter International and FPI.

That case was brought by UK-based law firm Signature Litigations, which said that the insurers “sidestepped British investment regulations” by selling over £100m worth of these products via the Isle of Man.

The provider of international life assurance-based wealth solutions has hired Marie Salvo as head of sales for France.

She was most recently country manager of Luxembourg for One Life.

T Rowe Price Group

The asset manager announced that Robert Higginbotham, head of global distribution and global product, plans to retire at the end of 2023 after 11 years with the firm and 33 years in the industry.

Higginbotham, who also serves as chief executive and chair of T Rowe Price International, will be succeeded by management committee member Dee Sawyer.

Effective 1 January 2024, Sawyer will be named the head of global distribution, leading the teams responsible for sales, marketing, and client service globally across all distribution channels and will assume Higginbotham’s responsibilities on the firm’s subcommittees.

Scott Keller, head of Americas, Apac, and Emea distribution, will serve as the chief executive and chair of T Rowe Price International, and will report to Sawyer, while continuing in his current role.

Rothschild & Co

Matthew James has been named as a managing director and head of marketing and business development in the firm’s UK wealth management business.

Most recently, James was director of marketing and business development at Charles Russell Speechlys.

M&G Investments

Richard Godfrey is joining the business as chief operating officer for asset management, subject to regulatory approval, on 31 July 2023.

He joins M&G from HSBC, where his most recent role has been global co-head of the securities services and securities financing businesses.

Columbia Threadneedle Investments

Nick Ring, the chief executive of Emea at the asset manager, will retire at the end of 2023 following a 34-year career in the investment industry.

As a result, David Logan, global chief operating officer at Columbia Threadneedle, will be appointed to the new role of head of Emea and global business operations, subject to regulatory approval.

Collyer Bristow

The law firm has promoted Charles Avens and Charlie Fowler to partner, both in its private wealth department.

Avens joined the firm last year as head of immigration and will continue in this capacity as a partner.

Fowler has been made up to partner in the tax and estate planning and immigration teams.

SimplyBiz

The adviser support services firm has appointed Kelly Phillips to the position of business development quality manager.

The newly created role will see Phillips work closely with SimplyBiz member firms to help create protection opportunities and support advisers in meeting the expectations of Consumer Duty, with a clear focus on business quality to drive better outcomes for the end consumer.

Phillips was previously at AIG and Legal & General.

Capital Financial Markets

Peter Land has joined the firm as an investment manager.

He joins from Walker Crips, where he spent the past seven years. He has 40 years experience in private client and family office management and advice, having previously been a divisional director at Brewin Dolphin.

The insurance-based wealth solutions provider has bolstered its Singapore operation with the hires of Michelle Tan as head of brokerage and Genevieve Chan as head of operations and underwriting.

Tan joins Utmost International from Lombard International.

Over the last decade, Chan has helped build the high net worth operations and underwriting infrastructure at Singapore Life and HSBC Insurance.

Manulife Investment Management

The global wealth and asset management brand of Manulife has named Andrew Arnott as global head of retail.

Arnott has held multiple leadership roles at Manulife Investment Management, including head of wealth and asset management, US and Europe, and president and chief executive, John Hancock Investment Management, the US retail brand of Manulife Investment Management.

LGT Wealth Management

The UK wealth manager has appointed William James as a portfolio manager within the intermediary investment services team (IIS).

He joins from Square Mile Investment Consulting & Research, where he was an investment manager.

Tyndall Investment Management

The UK fund manager has hired James Bowes-Lyon as an investment manager within its private client practice.

He joins from Investec Wealth & Investment, where he was an investment manager.

Fidelity International

The investment firm has named Maria Abbonizio as head of Hong Kong.

Abbonizio will take on the role alongside her current position of global chief administrative officer for investment management. She joined Fidelity in 2004 and spent the majority of her 18 years with the firm based in Hong Kong.

Indosuez Wealth Management

The wealth management arm of Credit Agricole has hired Selwyn Au-Yeung as market head, based in Hong Kong.

Au-Yeung was previously managing director and team head at Bank J Safra Sarasin for the past year and a half.

UBP

The banking group has recruited five relationship managers in Hong Kong including a team head.

Andrew Chin joined on 11 April as team head for north Asia. Chin was most recently desk head for ultra-high net worth investors in Hong Kong at HSBC Global Private Banking.

In addition, UBP has also hired Cindy Tam, Yvonne Yan, Carolina Lam, and Leo Chow as either senior relationship managers or relationship managers.

Tam has joined from Julius Baer, Yan from Credit Suisse, Lam from J Safra Sarasin and Chow from Deutsche Bank.

Close Brothers Asset Management (CBAM)

The advice firm has named Ed Mawle as senior investment director.

Mawle has 25 years of experience in the asset and wealth management industry, and spent almost 20 years at Brewin Dolphin, before moving to Investec Wealth & Investment in 2017.

Mirabaud & Cie (Europe)

Rémy Saccone has joined the firm’s wealth management division as head of the Luxembourg independent asset management team (IAM).

He joins the company following spells at Orcadia Asset Management and Pictet Group.

Hampden & Co

The UK group has appointed Mark Plummer as head of private banking for its London office.

Plummer began his career at Coutts, spending 12 years there before spending a further 13 years at C Hoare & Co. He joined Barclays Wealth in 2008 as head of banking and credit, before moving to Handelsbanken in 2016 to set up and run its office in Mayfair.

Charles Russell Speechlys

The law firm has promoted Katie Talbot and Robert Avis to partner.

Talbot focuses on tax, trusts and succession and is based in Cheltenham. Avis works on private wealth disputes based in Geneva, Switzerland.

Druces

The law firm has named Matt Duncan as head of private wealth.

Duncan, who is a partner at the firm, succeeds Robert Macro.

Bedell Cristin

Sevyn Kalsi has been named as a partner in the law firm’s international private client team.

He joins the firm from Walkers, where he was a partner.

The Insurance Institute of Aberdeen (IIA)

The branch of the Chartered Insurance Institute (CII) has appointed Katherine Harvey as president.

She succeeds Lloyd Davies as president, having previously served as deputy president of the professional body for just over one year.

Davies brings a wealth of industry experience as a financial planner and operations director at Aberdeen-based Russell Gibson Financial Management, which became a part of the independent nationwide financial advice and fund management group One Four Nine in August 2022.

This was an 8% drop in AuA from £63.7bn at year end 2021.

The firm said during its 2022 financial results that AuA decreased in the period due to “adverse market movements, leading to lower market values for all asset classes”.

“Strong net flows in the year as a result of improved client retention rates partially offset the negative impact of market movements,” the firm added.

Operating profit came in at £224m in 2022 compared to the 2021 figure of £220m.

Utmost said that the increase in operating profit compared to the pro forma 2021 outcome reflects lower operating expenses offset partially by lower charges received as a result of the declines in the value of unit funds.

Annual premiums were £397m in 2022 compared to £484m in 2021. Utmost Wealth Solutions generated £393m and Utmost Corporate Solutions, its employee benefits business, generated £4m. Utmost International’s new business figures reflected the lower volume of new business in its markets, offset by “strong sales performance in our growth markets in Europe and Asia”.

Net flows for the year were £1.3bn, comparable to the £1.5bn in 2021. Value of new business was £48m in 2022, down from 2021 figure of £66m.

‘Well placed’

Paul Thompson, group chief executive of Utmost Group, said: “The group performed strongly in 2022 despite the difficult macroeconomic environment and volatile investment markets. Financial performance was strong and new business was resilient against a difficult backdrop.

“I am pleased with the progress made on the integration programme in 2022. The programme has progressed well, with a number of workstreams complete and the remainder on-track against our initial plan.

“Longer-term sectoral trends are supportive of our continued business growth, with increasing demand for robust, transparent investment and savings products. Utmost Group remains well placed to capitalise on our existing strong market position and foresees continued opportunities for acquisition-led growth.”