HMRC Confirms Stance on Pensions
Published / Last Updated on 04/12/2007
Skandia
Following correspondence with pensions provider Skandia, H M Revenue and Customs has confirmed that income taken from unsecured and alternatively secured pensions will be classed as income and not capital.
Our view
This is great news for those people with these pensions because being deemed as income means more planning opportunities for Inheritance Tax.
For example, any income surplus to requirements can be given away and deemed as a gift out of normal income.
Useful links:
Learn more about this and related topics in the Pensions Adviser Channel
Request expert financial advice now
Purchase guidance on financial planning in the Money Shop
