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Readers' forum : Cascading down

02 May 2017
Issue: 4597 / Categories: Forum & Feedback

Advice is required on the tax treatment of a pension fund for future beneficiaries.

My client had saved into a self-invested personal pension and took a regular income from this. Sadly he died recently and I would appreciate advice on the tax implications.

My first question is whether there is an inheritance tax liability on the remaining pension fund or does this not apply because he nominated his widow to benefit from the pension fund in the event of his death?

My knowledge of the tax implications of pension funds is probably incomplete but I recall that age 75 is relevant. My client died at age 74 but his widow is a few years older. Can readers advise on the tax treatment of the pension in her hands? Is she entitled to any tax-free element and will she be liable to income tax on the drawings?

Looking further into the future what will be the position when she dies? The...

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