A new inheritance tax advisory service from Towerstone Accountants aims to help individuals navigate significant upcoming changes to pension taxation that could substantially impact family wealth preservation. Under new regulations set to take effect in 2027, unspent pension funds will become subject to a 40% inheritance tax, potentially causing significant financial consequences for many families.
The service will provide personalized strategies to help clients minimize tax liabilities, including optimized pension withdrawals, early gifting plans, alternative investment planning, and estate structuring through trusts. Managing Director Christina Odgers emphasized the importance of proactive planning, noting that many individuals have previously structured financial plans assuming pensions were exempt from inheritance tax.
Key advisory services will focus on helping clients leverage HMRC's tax-free gifting rules, explore tax-efficient investment options like Business Relief-qualifying assets, and maximize allowances for spouses, civil partners, and charitable contributions. Estate planning expert Laura Stevenson warned that delaying tax strategy development could result in substantial financial losses.
The upcoming regulatory changes represent a significant shift in pension taxation, potentially affecting thousands of families' long-term financial planning. By offering specialized guidance, Towerstone Accountants seeks to help clients adapt to these complex new tax regulations and preserve intergenerational wealth more effectively.
