The Government's Finance Bill which includes the provision for pensions to become subject to inheritance tax (IHT) has reached a critical point in its progress through Parliament.

But as James Jones-Tinsley from Barnett Waddingham explains in this 15-minute briefing recorded especially for the Paraplanners’ Assembly, the measure isn’t necessarily a done deal.

He suggests that the government’s recent decision to raise its proposed threshold on agricultural and business property relief from £1 million to £2.5 million indicates that the government can be persuaded to rethink its plans.

So the next few weeks matter. And that’s why James is encouraging advice professionals and clients to write to their MPs – not least to encourage the government to consider the practical consequences of its planned changes. 

For instance, James asks, how reasonable and realistic is it to expect personal representatives, many who are likely to be recently bereaved family members, to successfully negotiate their way through complex pension death benefit rules against the clock?

And is adding to the anxiety of family members worth it when the government's own projections suggest this will raise £1.5 billion by 2029-30 – a fraction of the £6 billion that is already being collected thanks to freezing of the threshold?

If you want to know the latest on the progress of the law resulting from last November’s budget and its consequence for advice colleagues and clients, then you’re in the right place.

Speaking of the Finance Bill…

If you’ve ever wondered how Budget measures become law, James met up with Leanne Pickering of Pivotal Paraplanning back in 2024 to walk through each step in the process. Here's the podcast episode:

From Parliament to paraplanner: How do Budget measures become law?

And speaking of pensions…

James has recorded a series of really helpful jargon busters on new and old pensions exclusively for the Assembly:

New pensions jargon: part one

Listen: A plain English guide to new pensions jargon: part one

Watch: A plain English guide to old pensions jargon: part one

New pension jargon: part two

Listen: A plain English guide to new pensions jargon: part two

Watch: A plain English guide to old pensions jargon: part two

Old pensions jargon: parts one, two and three

Listen: A plain English guide to old pensions jargon: part one

Watch: A plain English guide to old pensions jargon: part one

Listen: A plain English guide to old pensions jargon: part two

Watch: A plain English guide to old pensions jargon: part two

Listen: A plain English guide to old pensions jargon: part three

Watch: A plain English guide to old pensions jargon: part three

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