LCP has urged the government to make major changes to its inheritance tax (IHT) on pension plans, warning ahead of a House of Lords oral evidence session today (3 November) that more thought is required to minimise the impact on grieving families.
In a joint submission to the House of Lords Economic Affairs Committee, LCP head of pensions and tax Alasdair Myers and LCP partner Steve Webb argued that bringing pensions into IHT's scope from April 2027 would require a range of practical changes. Their key points included hurdles faced by personal representatives (PRs), who will be liable for making sure IHT is paid but "may have no control over some of the funds. They gave the example of a pension pot payable to a beneficiary who is not the PR. A potential solution suggested by the LCP representatives could be for the PR to onl...
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
