Make sure you know the essentials about Inheritance Tax before a loved one dies.
Martin Lewis has shared essential need-to-knows about Inheritance Tax ahead of the Autumn Budget on October 30. Speculation is mounting that Chancellor Rachel Reeves may make changes to the Inheritance Tax treatment on workplace and private pensions.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, explains that as it currently stands, in most cases, a pension is treated as being outside of a person’s estate for Inheritance Tax purposes. However, addressing Budget speculation, Ms Morrissey said: “Making pensions subject to Inheritance Tax could potentially raise a decent chunk of money for the UK Government and incentivise people to spend their pot during their lifetime. We could see people opting to give away more gifts in their lifetime to family as a means of mitigating this tax, which could play a huge role in helping younger people get onto the property ladder.
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