Draft Finance Bill on IHT and pensions published

In the Budget, details of IHT on pensions saw a reversal of original proposals published in July. Instead of introducing stricter rules where a member who dies under the age of 75 will have to prove why they didn’t annuitise, the current IHT rules will continue to apply. However for those over 75, who die while in an Alternatively Secured Pension (ASP) a 40% IHT charge will apply to the left-over funds as if it were part of the member’s estate on death. Following the details released last week, Ivan Lewis, economic secretary to the Treasury, issued a statement to say the draft Finance ...