Pension pots, business assets and family farms have all been clobbered in Chancellor Rachel Reeves’ inheritance tax grab
In this week’s NLJ, James Ward, head of private client at Kingsley Napley, examines the implications of the 2024 budget for estates planning.
Ward writes: ‘Tactics around pensions will have to change. Often, they are not taken by the original owner as they represent an attractive tax-free sum to pass on. However, now it makes sense to use pensions if 40% will be taxed on death.’
Ward anticipates that many people will want to completely review their estate planning as a result of this budget.
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