Budget 2014 – Other matters

Inheritance tax (IHT)

There was no change to the Inheritance tax threshold of £325,000, which was frozen until 2017-18 in the 2013 budget.

The Government will consult on options to extend the IHT exemption for armed forces personnel who die on active service to all emergency service personnel who die in the line of duty, or whose death is hastened by injury incurred in the line of duty.

Pensions

Changes were announced to the defined contribution pension regime to increase the flexibility of these schemes, including the removal of the requirement to buy an annuity and giving people greater freedom over how they access their pension savings.

 

 

This summary is published for the information of clients. It provides only an overview of the main proposals announced by the Chancellor of the Exchequer in his Budget Statement, and no action should be taken without consulting the detailed legislation or seeking professional advice.

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