Tax consultations always contain a few hidden bombshells and this week, it was an unexpected trap around inheriting pension pots that caught readers’ attention.
Potential changes to taxation announced by HM Revenue & Customs this week could result in individuals having to pay income tax where they inherit an untouched pot. This will no doubt throw a major spanner in the works when it comes to retirement planning for clients. If implemented, it will take effect immediately next April. I suppose we knew the abolishment of the lifetime allowance couldn't be that simple and something else in the shadows would be affected. Watch this space… Elsewhere, there is yet another delay with the Sustainability Disclosure Requirements. The regulator confirmed ...
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