Towerstone Accountants Launches Inheritance Tax Advisory Service Amid Upcoming Pension Taxation Changes

The landscape of pension taxation is set to undergo significant changes in 2027, with unspent pension funds becoming subject to a 40% Inheritance Tax (IHT). This shift poses a considerable challenge for individuals and families who have historically excluded pensions from their inheritance tax planning. Recognizing the urgency of this issue, Towerstone Accountants has unveiled a comprehensive Inheritance Tax Advisory Service designed to navigate these upcoming changes.

Christina Odgers, Managing Director at Towerstone Accountants, highlights the critical need for proactive financial planning in light of these regulatory adjustments. The firm's new service offers strategic guidance to manage pension assets effectively, ensuring clients can minimize their tax liabilities through various methods, including optimized pension withdrawals and early gifting plans. Additionally, the service explores the utilization of HMRC's tax-free gifting rules and investments in Business Relief-qualifying assets as viable strategies to safeguard wealth.

Laura Stevenson, the firm's Estate Planning Expert, underscores the importance of timely action, cautioning that delays could lead to significant tax losses. The advisory service provides personalized consultations, focusing on estate structuring, trust establishment, and maximizing tax allowances for spouses, civil partners, and charitable contributions. By offering these tailored financial strategies, Towerstone Accountants aims to empower clients to preserve their financial legacy and reduce the impact of inheritance tax on their families.

This initiative by Towerstone Accountants represents a proactive approach to the impending changes in pension taxation, offering a lifeline to those seeking to protect their assets and ensure their financial well-being in the face of new tax laws. The service not only addresses the immediate concerns of individuals but also contributes to a broader conversation about wealth preservation and the importance of strategic financial planning in an evolving regulatory environment.