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 55% death tax on inherited pension pots abolished - December 2014

News

The rules regarding the 55% Death Tax on inherited pension pots are changing.

The Chancellor has announced that the current 55% death tax on inherited pension pots will be abolished. If a pension saver dies before the age of 75, then his or her pension can now be passed to a spouse or partner tax free. This even applies if the pension has been utilised.

People with a joint life or guaranteed term annuity can pass this on tax free also. 

This change will come into effect in April 2015.

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