When pension death benefits are included in the estate, the liability for reporting and paying the IHT will lie with the personal representative (PR). This session looks at the practicalities of what PRs need to do in relation to pensions, how withholding notices operate, and when PRs can ask the scheme to pay the IHT. This session gives you the tools to help clients acting as PRs through this process, and gives tips on how good planning in a client’s lifetime can ease the burden for those left behind.
Where the pension is subject to IHT, pension beneficiaries may have a choice of where the tax is paid from. This session looks at the options, and the factors to consider when deciding which is best. Where the client dies aged over 75, both IHT and income tax may be payable. If the IHT is paid from outside the pension, beneficiaries may be entitled to an income tax reclaim. This session includes case studies of how this works in practice.
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