Solid advice, Simon! The pitfalls in pension and inheritance tax can be a financial minefield. Nominating beneficiaries and staying vigilant post-divorce is key. Your reminder about the 40% tax wake-up call is a game-changer. Let's protect our hard-earned assets wisely! 💡💰
@UK-Property-Tax-Accountants
8 ай бұрын
Absolutely 👍
@Chris-sd6os
2 ай бұрын
My father recently passed away. I am nominated as a beneficiary for his pension. As he was over 75 the pension provider are deducting 40% at source. Does this seem right to you ? Much appreciated
@UK-Property-Tax-Accountants
2 ай бұрын
Hi Chris First of all I am sorry to hear about your loss. Whether you're liable for income tax on your father's UK pension funds depends on various factors, such as how the funds were structured and inherited, as well as your own tax status. In the UK, there's usually no inheritance tax on pensions when someone dies before age 75, but income tax might apply when the pension is inherited
@thebigquestion6494
9 ай бұрын
My father died without nomination, pension wasn't taxed and still did not make up part of his estate.
@UK-Property-Tax-Accountants
9 ай бұрын
That may be because the solicitor did not ask the right questions. It might still be picked up by HMRC
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