Do not change inheritance tax rules for pensions

Summary

We do not want the Government change the inheritance tax rules for pensions. Some people already pay income tax on their pensions. If the government's proposals go ahead, beneficiaries could pay up to 67% in tax on Inherited Pensions. The public are encouraged to save into a pension. New proposals in the budget will mean that unspent pension value will be combined with a person's other assets and subject to 40% Inheritance Tax should the combined value exceed the £325,000 nil-rate band. If your family wants to draw out those funds when you die, if you're over 75, they will pay income tax on top of the inheritance tax. In summary, the total tax on your pension could be 67%. We think this is a tax on the younger generation.

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