Towerstone Accountants has unveiled a new Inheritance Tax Advisory Service, targeting the complex changes set to affect pension taxation starting in 2027. This initiative comes as unspent pension funds will be subjected to a 40% Inheritance Tax (IHT), posing significant financial planning challenges for families. The service is designed to offer strategic advice on managing pension assets amidst these forthcoming tax law adjustments.
Christina Odgers, Managing Director at Towerstone Accountants, highlights the necessity of early financial planning. Many have historically planned their finances under the assumption that pensions would remain exempt from inheritance tax considerations. The advisory service aims to rectify this by providing clients with strategies to reduce potential tax liabilities, including optimized pension withdrawals, early gifting plans, and exploring alternative investment avenues.
Among the service's key offerings are personalized consultations that focus on estate structuring, the establishment of trusts, and maximizing tax allowances for spouses, civil partners, and charitable donations. Laura Stevenson, the firm's Estate Planning Expert, underscores the urgency of timely action, cautioning that delays could lead to significant tax losses.
For more information on how to navigate these changes, visit https://www.towerstone.co.uk. Towerstone Accountants' proactive approach seeks to safeguard clients' financial legacies by minimizing inheritance tax burdens, ensuring wealth preservation for future generations.
