A TAXING PROCESS

A TAXING PROCESS

If a member of a pension scheme aged 75 or over dies and a lump sum is paid to a personal discretionary or flexible trust, a 45% special lump sum death benefit charge will arise. This raises questions about the tax credit system for beneficiaries.

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IN SICKNESS AND IN WEALTH

IN SICKNESS AND IN WEALTH

If a seriously ill person transfers a pension plan and dies soon after, it may be classed as a chargeable lifetime transfer for inheritance tax purposes. The process for calculating charges can be complex, but things may be about to get simpler.

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