How Your Pension Is Nearly Wiped Out By Taxes Under New Budget Rules

Before the latest Budget announced by the government just a few weeks ago pensions were one of the best financial arrangements for avoiding Inheritance Tax and securing your future retirement. 


It used to be that wealth built up inside a pension was usually free of Inheritance Tax on death meaning large amounts of wealth could be passed on to your loved ones without deductions. However, under new rules announced in the latest budget, instead of that pension securing your loved one’s futures, it could come with an eye-watering tax bill that wipes out over 80% of its value—and, in some cases, even closer to 90%. It’s not just a straightforward 40% Inheritance Tax bill you need to be aware of. Due to the complexities with pensions on death, there is a lot more tax that could be due on top.


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