Scrap inheritance tax rules on existing defined contribution pensions.
Allow defined contributions that existed prior to the Labour 2024 budget to be free of Inheritance tax rules due to come into effect April 2027. It is unfair to apply IHT retrospectively.
Signatures
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signatures
Government response threshold (10,000) · 7/10,000
Debate threshold (100,000) · 7/100,000
- 20 DEC 2024Petition rejectedduplicate
You may wish to sign this petition which calls for the same action: https://petition.parliament.uk/petitions/700306
- 25 NOV 2024Petition created
Background
George Osborne made changes to defined pension contributions in April 6th 2015. Allowing tax free savings from inheritance tax rules in defined contribution schemes.
Many people have saved from then until now with the knowledge that the pension is free from IHT.
It is unfair to apply this tax retrospectively.
Those who have defined contributions up to the Labour 2024 budget should be exempt.