Govt urged to rethink IHT on pensions proposals

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underline04"> <h2 style="font-weight: 500;line-height: normal;font-size: 3rem;"> Govt urged to rethink IHT on pensions proposals </h2> </div> <div class="post-meta-elements" style="margin: 10px 0 10px 0; width: 100%; background-color: #f7f7f7; padding: 5px 10px; color: #101010;"> <address class="post-meta-author author"> <i class="fa fa-user"></i>By Jack Gray</address> <time pubdate datetime="27/11/24" class="post-meta-date"> <i class="fa fa-calendar"></i>27/11/24</time> </div> <div class="entry-main"> <div class="entry-content"> <p>The government has been encouraged to consider alternatives to its proposal of bringing pensions into scope of inheritance tax (IHT).<br /> <br /> In a letter to the Chancellor, Rachel Reeves, and the Treasury, AJ Bell outlined ‘flaws’ in proposals to subject unspent pension assets to IHT on death.<br /> <br /> In the <a href="https://www.pensionsage.com/pa/breaking-reeves-announces-plans-tobring-pensions-under-IHT-scope.php">October Budget,</a> Reeves announced plans to consult on bringing pensions into scope of IHT, with the changes due to come into effect in April 2027.<br /> <br /> AJ Bell called on the government to consider alternative options, which it believed would be simpler and fairer while still reforming the treatment of pensions on death.<br /> <br /> It proposed either using a system that would be similar to the current treatment of ISAs on death, or to simply rely on income tax at the beneficiaries’ marginal rate, both of which AJ Bell believed represented preferable alternatives to the government’s proposals under consultation.<br /> <br /> The letter stated that the ISA system provided a pre-existing template for the reform of pension taxation on death and would mean investments were treated equally as part of the estate.<br /> <br /> Meanwhile, it argued that the option to apply income tax on withdrawals at the marginal rate of the beneficiary offered a fair system in which those inheriting pensions with the highest incomes pay more tax, while also offering simplicity given pension assets are already subject to income tax where the member dies after age 75.<br /> <br /> “The proposals set out by government create huge complexity and will delay families from accessing money in a timely fashion following a bereavement,” said AJ Bell CEO, Michael Summersgill.<br /> <br /> “In some cases, the proposals will be unworkable and will create financial gridlock in the probate process, especially where assets held in the pension can’t be sold quickly.<br /> <br /> “Add to this the fact that the proposals could result in millions of people paying a minimum tax rate of 64 per cent on inherited pensions, and there is a real risk that confidence in pensions will be seriously eroded.<br /> <br /> “We’re urging the Chancellor to instead consider alternative proposals from the industry, which would be fairer and simpler, without undermining her plan to tax unused pensions on death.”<br /> <br /> This article originally appeared on our sister title, <a href="https://wealthinvestmentnews.co.uk/Govt-urged-to-rethink-IHT-on-pensions-proposals.php"><i>Wealth Investment News</i>. </a></p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=Govt urged to rethink IHT on pensions proposals&url=https://pensionsage.com/pa/Govt-urged-to-rethink-IHT-on-pensions-proposals.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a href="http://www.linkedin.com/shareArticle?url=https://pensionsage.com/pa/Govt-urged-to-rethink-IHT-on-pensions-proposals.php"> <i class="fa-brands fa-linkedin" style="color:#3371b7;"></i> </a> </div> </div> </div> </div> </article>  <div class="comment-title title-style01"> <h3>Recent Stories</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" 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href="/pa/signup-new-mpu-0124" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.pensionsage.com/pa/signuppa.php" target="_blank"><img src="/pa/images/pa_mpu-enews_advert-012024.jpg" border="0" alt="BANNER" title="BANNER"></a></div></p></div>  <div class="jswrap4"><div class="jstitle4">Closing the gender pension gap</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/270x170_ScotWidows_PensionGap.jpg" controls="" width="100%"><source src="/pa/jwplayer/ScottishWidows_PA.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Endgames and LDI: Lessons to be learnt</div><div 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talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track</div></div></div> <div class="jswrap4"><div class="jstitle4">Building investments in a DC world</div><div class="jswrap5"><img src="/pa/images/Podcast-main-picture-replacement.jpg"><audio controls><source src="/pa/podcast/PA-USSIM-podcast.mp3" type="audio/ogg"><source src="/pa/podcast/PA-USSIM-podcast.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets</div></div></div> <br> <div class="sidebar-tabs"> <div class="panel"> <div class="panel-body"> <div class="tabbable">  <ul class="nav nav-tabs nav-tabs-solid nav-justified"> <li class="active"><a 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Govt urged to rethink IHT on pensions proposals - Pensions Age Magazine