We have previously looked at the issues around making a pension transfer or switch when in ill health and the potential for HMRC to allocate a ‘transfer of value’ figure for inheritance tax purposes should the member die within the following 2 years.
The fact that HMRC can apply a value for inheritance tax (IHT) purposes to an asset that isn’t generally subject to IHT has become more and more topical with the advent of pension freedoms and people perhaps moving pension benefits to achieve improved death benefits and added flexibility.
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