The British will be forced into large debts because of the pensions of deceased relatives

Lawyers interviewed by The Telegraph warned that in the UK, due to the new procedure for taxing pensions, the families of the deceased may be in debt. To close inheritance bills, they will probably have to take out loans. From April 2027, a reform proposed by the Labour government would include pension savings in property that is taxed on inheritance.

The Council of Licensed Real Estate Transaction Specialists believes such changes will increase financial pressure on families and force them to apply more often for short-term loans. Usually, the inheritance tax must be paid before the heirs receive official confirmation of the right to dispose of the property. It's a vicious circle. Access to part of the assets of the deceased is opened only after such confirmation, and for its registration it is required to pay tax first.

If the amount is not received within 6 months, the UK Tax and Customs will charge interest for the delay. Now the rate is 7.75% per annum, which is 4 percentage points higher than the Bank of England base rate. With a delay of six months, almost £4,000 will be added to the tax debt of £100,000.

Experts with whom the publication spoke warn that the complexity of accounting for pension savings in the calculation of tax can increase the number of families experiencing financial difficulties. Heirs also face additional costs due to the accrual of interest for delay.

Under the new rules, persons responsible for registration of the inheritance will have to find all pension savings of the deceased, inform pension funds of his death and calculate the amount of tax payable. This procedure can be complex and take considerable time.

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