How to avoid IHT on your pension due to changes in the 2024 Budget

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This video focuses on the critical changes in UK inheritance tax (IHT) laws due to the 2024 budget. From April 2027, pension benefits will be included in estate valuations for IHT, which could significantly increase the tax burden on inherited pensions. Charles covers practical strategies to help you reduce your IHT liability on pensions, including consolidating pension plans, using trusts, and exploring business property relief plans.

Learn how to safeguard your pension and plan effectively to minimize the impact on your beneficiaries. For those with estates valued over £1 million, specialized IHT planning is essential, and Charles explains how to leverage advanced techniques like family investment companies and tax-free cash allocations to trusts.

Watch now to understand:
- Recent budget changes affecting pensions and IHT
- Strategic steps to protect your estate
- Options for effective inheritance tax mitigation

Be proactive, plan for the future, and reduce the risk of substantial inheritance tax on your pension.

#InheritanceTax #TaxPlanning #PensionPlanning #IHT #EstatePlanning #UKTax #WealthManagement #TrustFunds #BluebondTaxPlanning #FinancialAdvice #FamilyInvestmentCompany #TaxFree
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great vLog, Does the spousal exemption mean that those items passed to spouse are not included in the estate for IHT? For example the house, cash and pension (£1.5m are passed to spouse) however a gift to kids exists of say £100k each 3 years prior to my death. Is my estate to pay IHT on the £200k or a proportion of it?

Bracebarian
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Can feel the high commission annuity salesmen lining up 🙈

dominic
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Hi Charles. Can you please explain what is an "unused annuity" as I was considering buying a joint life annuity with part of my pension pot.

tinheadtinhead
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If you are taxed on your annuity and then go over the frozen personal allowance, you will be paying twice …?

lawrie
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TBH the tories brought rules in 2015 to say pensions are out of IHT, before then they were always part of IHT.

kalpnashah