Autumn Statement: UK Death Tax Abolished for Annuities

11 December, 2014

In the Autumn Statement delivered on 3 December, the Chancellor announced that from April 2015 beneficiaries of individuals who die under the age of 75 with either a joint life or guaranteed term annuity will be able to receive any future payments from such policies tax free. This announcement brings UK annuities in line with defined contribution and personal pensions, following earlier announcements by the Chancellor in September (see Chancellor Abolishes 55% UK Pension Death Tax).

Photo Credit: “Torn Tax Form” is copyright (c) 2008 Chris Tolworthy and made available under CC BY 2.0