Inheritance tax question.

[Deleted User]

Hi,

truefalse wrote: »

Hi all, thanks for your replies.

"The Chancellor today (Monday 29 September) announced that from April 2015 individuals will have the freedom to pass on their unused defined contribution pension to any nominated beneficiary when they die, rather than paying the 55% tax charge which currently applies to pensions passed on at death."

you quote it, but you don't seem to understand it,

Your dad had provided for his pension, if he'd wanted to provide for others he would have made other arrangements.

James_B.

truefalse wrote: »

Hello, thanks for your reply. I think stolen is the correct word used here. It was tax on his personal pension fund that was left for family. The sums stolen were a vast life changing amount that could have been used for a greater cause like paying off my mortgage and reserving payments for bills for years to come.

I hope that you are just here to wind people up, as otherwise you are really not creating a great impression of yourself.

That money was not yours, it was his, and now it's the state's. It is right and proper that the state levies taxes, to pay for the services that we all benefit from.

If you are someone who cares a lot about money, then it's really very easy to earn it, it just takes some thought and effort.

mania112

Besides the odd way this thread has taken shape (making me wonder if the whole thing is just a troll-job), i'm sure Georgie said 'as of now' in his speech.

Just a slip of the tongue I guess?

AlwaysLearnin

55% is payable when you take the pension pot as a lump sum. However a dependant can also chose to continue to draw down the pension or convert to an annuity instead, which would only incure normal income tax, therefore you didn't HAVE to pay 55% under todays rules.