The Treasury has rejected the Lords committee’s recommendations to introduce a safe harbour from late payment interest and to extend the inheritance tax (IHT) payment deadline on pension assets to 12 months.
The Treasury's response to the House of Lords Economic Affairs Committee report 'Inheritance tax measures: unused pension funds and agricultural and business property reliefs' was published yesterday (30 March). In its response, the government raised and accepted nine of the Lords' recommendations and partially accepted a further 31 recommendations. One of the recommendations dismissed was to create a statutory "safe harbour" from late payment interest in certain circumstances and to temporarily extend the deadline for payment of IHT on pension assets to 12 months. The House of Lo...
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