What does the expansion of tax-free pension allowances mean for IHT?
The abolition of the Lifetime Allowance (LTA) and the £20,000 increase to the Pension Annual Allowance in the Spring Budget, make this the perfect time to talk to your clients about Inheritance Tax (IHT) and the passing on of pensions.
What are the new post Budget rule on pensions?
The charge for the £1.07 million LTA, which dictated the tax-free amount a person could save into their pension pot, will be abolished from April – and the allowance scrapped altogether from April 2024.
At MGI Midgley Snelling LLP we are able to explain IHT and the new pension rules to your clients in terms they will understand and help them with their tax affairs.
To find out more, please contact us. |
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