UK Inheritance Tax on Pensions: Essential Guide

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Welcome to our comprehensive guide on UK Inheritance Tax (IHT) as it applies to pensions in 2023. In this video, we delve into the intricacies of how pensions are treated under the UK IHT regime, providing you with vital information to manage your pension effectively.

Key Dates:

April 6, 2023: Start of the new tax year, important for pension contributions and tax planning.
October 31, 2023: Paper Self Assessment tax return deadline, relevant for declaring any chargeable lifetime transfers.
Tax Forms:

IHT205: Used for reporting estates that are unlikely to owe Inheritance Tax.
IHT400: Required for larger estates, especially when pension assets are involved.
Example 1: Jane's Defined Contribution Pension
Jane, aged 75, holds a defined contribution pension. We explore how her pension pot is outside her estate for IHT purposes and the implications for her beneficiaries.

Example 2: Michael's Defined Benefit Scheme
Michael, recently deceased, was part of a defined benefit pension scheme. We examine how the lump sum death benefit from his scheme is treated under IHT and what his heirs need to know.

This video is essential for anyone wanting to understand the nuances of UK Inheritance Tax on pensions, whether you're planning your own estate or are a beneficiary. Stay informed and make the most out of your pension planning