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Tax Tip

55% Pension Death Tax To Be Abolished

In accordance with the pension reforms outlined in the budget, the government is to abolish the 55% pensions death tax charge which will come into force in April 2015

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“When an individual under the age of 75 dies they will be able to give their pension pot to any beneficiary tax free, including if the pension is already in drawdown. There will be no tax when the pension is passed on, and the beneficiary will not have to pay income tax on the money they withdraw from the pension.”

Beneficiaries will be able to access pension funds at any age and the lifetime allowance, currently £1.25 million, will still apply.

Although the new rules come into force in April 2015, beneficiaries of anyone who dies before that date can still benefit so long as payment is delayed until after that point.

If you are unsure and need any help and advice on Self Assessment, Corporation Tax, VAT, Inheritance Tax, or you need to keep abreast of changes in legislation and how it could impinge upon your business, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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