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BUDGET 2008 NEWS |
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Inheritance tax Pension funds See TM ¶6589 While there are a number of rules to prevent individuals passing on savings that have received tax relief. These rules will now be extended to: - impose unauthorised payment charges if a member surrenders rights to payments under a lifetime annuity or dependents annuity. This charge could be up to 70%, and - impose unauthorised payment charges when a member with rights to a pension or annuity dies and a “connected person” becomes entitled to an increase in their own rights due to the death.
These will not apply where the scheme has 20 or more members and all members rights increase due to a death.
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