A new specialized advisory service is emerging to help individuals protect their wealth as substantial changes to inheritance tax regulations loom on the horizon. Towerstone Accountants has introduced an Inheritance Tax Advisory Service designed to assist clients in navigating complex upcoming pension taxation modifications set to take effect in 2027.
Under the new regulations, unspent pension funds will become subject to inheritance tax at a rate of 40%, potentially impacting thousands of families' financial legacies. This significant shift represents a substantial departure from previous tax treatment of pension assets, which were traditionally considered outside the inheritance tax framework.
The service will provide comprehensive strategies to help clients minimize potential tax liabilities. These strategies include optimizing pension withdrawals, developing early gifting plans that leverage HMRC's tax-free gifting rules, exploring alternative investment options such as Business Relief-qualifying assets, and structuring estates and trusts to maximize tax efficiency.
Managing Director Christina Odgers emphasized the critical nature of proactive planning, noting that many individuals have historically structured their financial plans assuming pensions would remain exempt from inheritance tax. The new service aims to help clients adapt their financial strategies to these imminent regulatory changes.
Estate planning expert Laura Stevenson stressed the importance of timely action, warning that delaying review of inheritance strategies could result in significant financial losses. The advisory service is particularly crucial for individuals with substantial pension funds who wish to preserve their wealth for future generations.
The comprehensive approach offered by Towerstone Accountants reflects the growing complexity of tax planning in an increasingly dynamic financial landscape. By providing personalized guidance, the service seeks to empower individuals to make informed decisions about their estate planning and wealth preservation strategies.
As the 2027 deadline approaches, financial experts anticipate increased demand for specialized advisory services that can help individuals navigate these complex tax regulations. The launch of Towerstone's Inheritance Tax Advisory Service represents a proactive response to these anticipated changes, offering a potential lifeline for those seeking to protect their financial legacies.
