UK Pension News & Insights
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).