The expansion of inheritance tax (IHT) into the realm of unused pension assets, set to come into effect in 2027, puts greater pressure on small and medium-sized (SME) business owners that hold commercial property in their retirement wrappers, Evelyn Partners has highlighted.
Analysis from the financial services firm found that many business owners hold commercial property in their pensions and the tax shake-up could force them to sell up. Chancellor Rachel Reeves announced in the last Budget that unused pension funds would be subject to IHT from April 2027. The announcement, alongside changes to business and agricultural relief, has been met with steep opposition from farmers in particular. A consultation on how to implement the changes closed in January with many industry players outlining how to achieve the relevant Treasury income in a different, more ...
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