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12 February 2024
Pensions and inheritance tax exemption
My understanding is that following George Osborne’s pension reforms private pensions are now exempt from IHT. However in discussions with a local well respected IFA accountant a number of issues were raised that have cast doubt on my understanding. I am seeking clarification on the following points:
- that for any pensions before 2000 and not written in trust the inheritance tax exemption would not apply; and
- that for some policies pension companies will only pay out to beneficiaries the contributions made into the pension and not include any increase due to investment appreciation/compounding.
I would be interested in readers’ views on the above.
Query 20 273 – Toad.
I am not aware of any pension policies that will only pay out contributions.
When George Osborne announced a relaxation of pension fund rules in 2014 the inheritance tax advantages was not the main...
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