The way pensions are treated for inheritance tax (IHT) is set for a big shake up in April 2027 when unused pension funds will count as part of a client’s estate and become liable to IHT.
In preparation for the change, the government announced a consultation on the liability, reporting and payment of IHT at last October’s Budget.
That consultation ended late last month. But what are its conclusions likely to be? And what do paraplanners need to know now so you, your firm and its clients are ready when the reforms go live?
Learning outcomes
By the end of this session, you will be able to:
A. When did the requirement to buy an annuity at 75 go?
- 2006
- 2011
- 2015
B. When was the lifetime allowance abolished?
- 2023
- 2024
- 2025
C. When are all pension funds expected to be in scope for IHT?
- April 2027
- April 2027 but only if die after 75
- April 2027 but only if die before 75
A. When did the requirement to buy an annuity at 75 go?
- 2006
- 2011
- 2015
B. When was the lifetime allowance abolished?
- 2023
- 2024
- 2025
C. When are all pension funds expected to be in scope for IHT?
- April 2027
- April 2027 but only if die after 75
- April 2027 but only if die before 75
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