Inheritance Tax And Pensions

Below is a selection of our most recent updates on this subject.

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Personal Pensions And Inheritance Tax

The case of the Personal Representatives of Patricia Arnold deceased v Revenue and Customs (2010) UKFTT 87 (TC) (17 February 2010).
Thursday, April 29, 2010

Pension Schemes & IHT

Use of trusts to receive death benefits from pension schemes
Monday, May 11, 2009

HMRC Decision Highlights Need To Review Expression Of Wish Form Wordings

A recent decision by HMRC has highlighted the need to consider the wording of expression of wish forms if a charge to IHT under section 5(2) of the Inheritance Tax Act 1984 is to be avoided.
Thursday, May 01, 2008

IHT Planning With Pension Scheme Lump Sum Death Benefits - Periodic And Exit Charges

IHT and pension scheme lump sum death benefits; The payment of pension scheme lump sum death benefits to a discretionary trust; Fixing the ten-year anniversary date for the periodic charge; Benefits accrued under more than one scheme; Benefits transferred to another scheme
Friday, March 09, 2007

Inheritance Tax / Trust Changed + Unauthorised Payments s172 Fa 2004

Two issues have arisen recently in connection with making pension plans subject to trust. 1. Inheritance tax / trust changed under Finance Bill (No 2) 2006. The question is: 'Will such trusts be subject to the discretionary trust inheritance tax charges which would give rise to a periodic and exit charge ?' 2. Section 172 Finance Act 2004 and unauthorised payments. H M Revenue and Customs confirmed to us on 20 April 2006 as follows: 'I confirm that the hitherto existing practice of the placing into trust of insurance policies relating to personal pension schemes, as well as retirement annuity contracts and buy-out contracts, for the purpose of distributing death benefits to the beneficiaries of the deceased member would not be regarded as caught under section 172 of Finance Act 2004 and, therefore, not regarded as an unauthorised payment.'
Friday, May 05, 2006

IHT And Pension Death Benefits - IHT Can Be Reduced

The impact of IHT on funds received by a widow / er from pensions death benefits can be reduced by the use of a 'spousal by-pass' trust. Such a trust will ensure that the funds do not fall in the widow / er's estate for IHT purposes, whilst still giving her / him full access to those funds.
Wednesday, February 22, 2006

IHT Lump Sum Death Benefits

A new pronouncement from HMRC.
Thursday, October 13, 2005

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