One of the announcements in the Chancellor's Budget today is the introduction of IHT on pensions. The Chancellor has announced that the government is removing the opportunity for individuals to use pensions as a vehicle for inheritance tax planning by bringing unspent pots into the scope of inheritance tax from April 2027, which it is said will affect around 8% of estates each year. To read about the reform, click here. A consultation has been published on the associated liability, reporting and payment.
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