Last week, the Financial Times reported that the Chancellor is expected to announce in this week’s Autumn Statement that income payments made to a surviving spouse under a joint life annuity will be tax free, where the annuitant dies before age 75.
This will correct a serious anomaly bringing annuities in line with income drawdown – recent announcements already confirm that drawdown funds and/or dependant’s income taken from such funds will be tax free where the original drawdown holder died before age 75.
For further information on any pensions related issues raised in this year’s Autumn Statement, please speak to Martin Reynard
, and for information on all other issues raised, please contact Nilesh Shah
or your usual Blick Rothenberg contact.
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