The government is pushing ahead with plans to include pensions within inheritance tax (IHT) from April 2027 but has made some adjustments to its implementations plans.
The move is expected to raise £1.5bn a year by 2029/30, with the average IHT burden expected to increase by £34,000. The plans were confirmed by the government on Monday (21 July). From April 6 2027, IHT will be applied on unused pension funds and death benefits. Chancellor Rachel Reeves first unveiled the plans in the Autumn Statement 2024. Adjustments The government has adjusted its original proposals following a consultation on the mechanics of implementation, which closed in January. The changes include that personal representatives, rather pension scheme administrators, w...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
