IHT on Pensions

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Managing the huge new risks for probate work, in acting for or being PRs, even after the helpful concessions make the task of PRs less impossible. This talk will explore the changes needed both for practice and in estate planning, ahead of the new law taking effect in 2027 and will look at:

• Probate: how firms need to gear up/adapt; developing processes re sharing info and completing the IHT 400; paying IHT, instalment options and interest on o/s tax
• How PRs should use their power to direct pension scheme administrators (PSAs) to retain 50% of pensions for 15 months
• Next steps where estates are still running after 15 months; and holding back some estate until clearance
• The effect of PSAs appointing to beneficiaries, the options for paying IHT, including liability of pension beneficiaries & refunding PRs
• Liaising with PSAs & FPs re appointing benefits, and using IHT spouse and charity exemptions -including the 10% lower rate of IHT
• Briefly, the interaction of 40% IHT & Income tax up to 45% including potential repayments of the 40%
• What it means for estates with different or the same beneficiaries; the costs & interest burden, and for appointing Executors
• Estate planning: steps to help clients ahead of these major changes to pensions

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer