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Budget – Inheritance Tax and Armed Forces Pensions

In the budget announcement on 30 October 2024, the Chancellor proposed to include unused pension funds as part of the Inheritance Tax (IHT) calculation.  In anticipation of this, HMRC has initiated a technical consultation regarding the changes that will operate in practice from 6 April 2027.  The consultation will run from 30 October 2024 – 22 January 2025. 

The proposal is likely to affect active, deferred and pensioner scenarios, and we need to deepen our understanding of the potential implications.  We will be in a position to provide further information on the impact to Armed Forces Pension Schemes once the consultation has concluded and the outcomes are known. 

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