Inheritance tax changes: what they mean for your pension
Many clients have inquired about the recent Budget announcements and how the changes to pensions will impact inheritance tax (IHT).
A Deed of Variation lets you give assets you’ve inherited to another person, or organisation, often reducing your tax bill.
Suppose you’ve inherited money, property or other assets or belongings under a Will or the rules of intestacy. In that case, you can use a deed of variation to give some or all of that inheritance to another person or organisation. It’s your choice and can be someone not mentioned in the Will.
Any individual who benefits can vary any gift in a Will or under the Intestacy provisions, provided that they are over 18 and have mental capacity.
Deeds of variation are particularly useful if you want to manage your own estate and any potential liability for inheritance tax. However, there are a number rules attached to them, particularly on when you need to sign them and who else might need to sign. Our experienced Wills and probate team can guide you through the process smoothly. We’ll advise on what you can and can’t do, and the most efficient solution for you.
I've never found an area where Tees have been unable to help. There is considerable strength across the organisation. Individuals have good contacts outside of their practice area. I have always found Tees accessible and helpful.
A deed of variation can be part of a complex tax planning arrangement – we’ll help you find its right place in the bigger scheme, working in harmony with your other plans. Among the sort of issues we can look at for the deed of variation and the broader implications are:
If you’d like to meet one of our experts for a confidential, no obligation chat, please get in touch.
We have offices across Cambridgeshire, Essex and Hertfordshire, but we can help you wherever you are in England and Wales
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Many clients have inquired about the recent Budget announcements and how the changes to pensions will impact inheritance tax (IHT).
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If you’d like to meet one of our experts for a confidential, no obligation chat, please get in touch.
