Hi Glos guy,
We set up a discretionary trust @20 years ago. Within a year Gordon the Great had changed the rules to invalidate it and the solicitor who had advised us had no qualms in charging us again to re write wills. It was Gordon’s A day rules that Reaves is now changing. Don’t you just love such duplicity?
The potential inheritance tax is bad enough, but probate, already taking months will now also involve the pension provider. They will have to submit figures and HMRC determine the liability. What could possibly go wrong! Tax has to be paid within six months of death and probate not granted until received. A dogs diner looms and like the farmers, immense stress for all.
you are right. Potential pension tax take for my daughters. 76%. I predict that the increased suicide rate expected prior to April 2027 will not be limited to farmers.
we certainly do not need a second vehicle, but buying one nearing the end of lease and then leaving the scheme is a sensible option.