‘Consider business relief for reducing IHT’
- On July 20, 2023
- By GrowthInvest Marketing
The scrapping of the lifetime pension allowance on April 6 2023 was an unexpected move from the UK government that was broadly well-received amongst the pensions and investments industry.
Individuals now have the ability to save into their pensions without the concern of additional tax charges, should the limit be breached.
However, with inheritance receipts continuing to rise, do pensions now provide the wholesale solution for the estate planning challenges that individuals currently face?
A recent survey from M&G Wealth found that financial advisers and paraplanners believe more clients will use pension pots to pass wealth on to dependents after the abolition of the LTA.
lose to 90 per cent of advisers who responded either agreed or strongly agreed that the abolition of the LTA will mean more people would be using their pension to pass wealth to the next generation.
The scrapping of the lifetime pension allowance therefore is widely seen as a positive move, since people are now able to put more into their pensions that will not be liable for IHT when they die.
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