Autumn Budget 24: 'Surprise' IHT on pensions puts advisers on high alert

Unexpected IHT shift to include pensions has left advisers racing to adapt estate strategies

Sahar Nazir
clock • 3 min read

Chancellor Rachel Reeves delivered the Autumn Budget 2024 last week (October 30) with a clear focus on increasing tax revenue through adjustments in inheritance tax (IHT), capital gains tax (CGT), and corporate contributions. Industry professionals and financial planners are now responding to the shifts, highlighting both challenges and opportunities for clients, particularly high-net-worth individuals and business owners.

The surprising inclusion of pensions within IHT rules from 2027 has raised questions about estate planning and underscored the need for advisers to adapt quickly. Inheritance Tax on pensions sparks concerns The decision to subject pensions to IHT from 2027 took many by surprise. Financial planners such as Nicholas Sinclair-Wilson, director of client services at BRI Wealth Management, saw the IHT changes as a notable adjustment but felt they were less severe than anticipated. "The IHT change to pensions was a surprise," he said, adding that it was not the most "nuanced" approach and wil...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The rarely discussed barriers to closing the advice gap

The rarely discussed barriers to closing the advice gap

'The real issue isn't just access, it's attitudes, representation, and engagement'

Harry Webster
clock 04 April 2025 • 7 min read
The Apprentice stars call for more financial advice as online businesses surge

The Apprentice stars call for more financial advice as online businesses surge

‘Crucial that young entrepreneurs receive the right guidance to manage their finances’

Sahar Nazir
clock 03 April 2025 • 2 min read
Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

Trump pushes ahead with global 'reciprocal' tariffs, sending markets into a tailspin

20% on EU, 10% on UK

Sorin Dojan
clock 03 April 2025 • 2 min read