The amount withdrawn from UK pensions in tax-free lump sums rose more than 60 per cent over the past financial year as savers prepare for possible changes to the tax rules on retirement funds.
The rush comes as the government announced in last October’s Budget that pensions would be subject to inheritance tax by April 2027, upending financial plans as retirement funds will no longer be a tax-efficient form of succession planning.
With a potential hole of more than £20bn in the public finances, the Treasury is looking closely at where extra revenue could be raised ahead of this year’s Budget on November 26.
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