Towerstone Accountants has launched a specialized Inheritance Tax Advisory Service to help clients prepare for significant changes to pension taxation set to take effect in 2027. Under new regulations, unspent pension funds will become subject to a 40% Inheritance Tax (IHT), potentially affecting thousands of families' financial legacies.
The service will provide comprehensive strategies to help individuals mitigate potential tax liabilities, including optimized pension withdrawals, early gifting plans, alternative investment options, and estate structuring through trusts. Christina Odgers, Managing Director at Towerstone Accountants, emphasized the importance of proactive planning, noting that many individuals have traditionally viewed pensions as being outside the IHT framework.
Estate planning expert Laura Stevenson warned that delaying tax strategy development could result in substantial financial losses. The advisory service will offer personalized approaches to help clients leverage HMRC's tax-free gifting rules and explore tax-efficient investment alternatives such as Business Relief-qualifying assets.
The impending 2027 deadline presents a critical window for individuals to reassess their estate planning strategies. Towerstone Accountants' new service aims to provide tailored solutions that help clients preserve more of their wealth for future generations, addressing the fundamental challenge of minimizing inheritance tax exposure.
