Reeves urged to give families more time to settle inheritance tax bills

Reeves urged to give families more time to settle inheritance tax bills

Pensions will be included in inheritance estates for the first time from 2027

Rachel Reeves warned of 'huge problem' over inheritance tax pension deadline

Rachel Reeves has been warned that her proposed six-month deadline for paying inheritance tax on unused pension pots risks creating serious problems for families administering estates.The House of Lords economic affairs committee called on ministers to extend the payment window to 12 months when new regulations take effect from April 2027.In its report, the committee said a longer deadline would give personal representatives a realistic chance o…

Lords raise alarm over farm IHT reforms as judicial review is fast-tracked

Mounting pressure is building on the government over its farm inheritance tax reforms, as peers warn the changes could trigger serious cashflow problems.

High Court clears urgent hearing on inheritance tax changes for farms and family firms

The High Court has approved an urgent hearing to challenge proposed inheritance tax changes affecting farms and family-run businesses across the UK.

Will IHT on pensions trigger a liquidity crisis in SIPPs?

John Clamp, chartered financial planner at Bowmore Financial Planning, warns that extending inheritance tax to pensions from April 2027 could trigger liquidity problems for families with SIPPs invested in commercial property. Subjecting Self-Invested Personal Pensions (SIPPs) to Inheritance Tax (IHT) could create a liquidity crisis for some of these funds as many are heavily invested in illiquid commercial property warns Bowmore Financial Planni…

Ministers urged to extend 'nightmare' deadline for paying inheritance tax

The UK government has set an unrealistic deadline for inheritance tax payments on unused pensions, a House of Lords committee has warned. The House of Lords economic affairs committee urged the government to extend the deadline for pension fund personal representatives, who are typically estate executors, from six months to 12 months. The committee argued the extension should be put in place when the new rules apply from April 2027 because chang…