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

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.
Visit our website for more resources or join one of our free Saturday morning webinars for deeper insights: www.bluebond.c...
#InheritanceTax #TaxPlanning #PensionPlanning #IHT #EstatePlanning #UKTax #WealthManagement #TrustFunds #BluebondTaxPlanning #FinancialAdvice #FamilyInvestmentCompany #TaxFree

[@davidcooks2379]

Please check your sound quality

[@dominic8218]

Can feel the high commission annuity salesmen lining up 🙈

[@Inheritancetaxadvice]

We dont take any commission - all our work is on invoiced fees

[@dominic8218]

@ people need to be very careful. The alternative of an annuity will tend to mean the cash is fully gone on death. Using trusts can mitigate this and paying some IHT for the benefit of passing on to your estate may be better than everything disappearing on death. Good to see you take a fee as opposed to commission- not always the case as you know. Also very little work involved in setting up annuities 👍🏻

[@Inheritancetaxadvice]

@@dominic8218 - Yes people need to be even more careful to get good experienced advice

[@lawrie3448]

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

[@tinheadtinhead6505]

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.

[@Inheritancetaxadvice]

So when you buy an annuity with a guarantee built in for say 10 years and you die in 3 years you have 7 years unused

[@tinheadtinhead6505]

Thanks. I was considering one of those but if the unused years will now get added to the estate it is less attractive

[@Inheritancetaxadvice]

@@tinheadtinhead6505 get advice trying to this yourself will end up with costly errors

[@dontuno]

Duly noted and of great interest.

[@kalpnashah4030]

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

[@Inheritancetaxadvice]

Sorry not the case - This is the first time pension have ever been liable to IHT