Towerstone Accountants has announced the launch of a specialized Inheritance Tax Advisory Service to help individuals navigate the significant upcoming changes to pension taxation. With new rules set to take effect in 2027, unspent pension funds will become subject to Inheritance Tax (IHT) at 40%, potentially impacting thousands of families.
For years, pensions have served as a tax-efficient way to pass down wealth. However, under the revised regulations, any remaining pension funds at the time of death will be included in the deceased’s estate, making them subject to IHT. Christina Odgers, Managing Director at Towerstone Accountants, emphasized the need for a proactive approach to safeguard wealth against these changes.
The Inheritance Tax Advisory Service will offer personalized strategies, including optimized pension withdrawals, early gifting plans, alternative investment planning, and estate structuring & trusts. These measures are designed to minimize the taxable value of estates and ensure that more wealth is passed on to loved ones rather than being lost to taxes.
With the 2027 deadline approaching, Towerstone Accountants is urging individuals to review their estate plans promptly. Laura Stevenson, an Estate Planning Expert at the firm, highlighted the risks of delaying action, which could result in a significant portion of inheritance being claimed by taxes.
For those concerned about the upcoming IHT changes, Towerstone Accountants is offering free initial consultations. More information can be found by visiting https://www.towerstone.co.uk/.
