LATEST NEWS ON TAX FREE PENSION TRANSFERS ON DEATH 29.09.14
George Osborne, the Chancellor of the Exchequer has today announced that pension funds transferred on death before age 75 will no longer be subject to 55% tax. Over 75 then the inheritor will pay tax at their highest marginal rate. This is good news and better than many expected in the industry. The common thought was that 55% would be reduced to 40% or maybe everyone inheriting irrespective of the age of the deceased would pay tax on the amount inherited at their highest marginal rate.