This is, “…because continuing to use existing payment methods, and to leave the calculation and payment of IHT to the PR and HMRC is not only less costly for schemes to administer but in most cases will result in benefits being paid quicker, and ultimately will prove more effective for all interested parties.”
The SPP highlighted that, “…timescales for the payment of IHT under the intended new regime are a serious concern for both PRs and PSAs.” and “there remains uncertainty about the actual processes to be followed after a death is notified, as the finer details are to be set out in secondary legislation and, we expect, supporting HMRC guidance.”
Shayala McRae, Chair of the SPP Legislation Committee, said: “We have again made clear that the government’s decision to accept SPP’s key recommendation that administrators should not be liable for the reporting and payment of inheritance tax on pensions and that this responsibility should lie with Personal Representatives, is welcome. There remain serious concerns about timescales and that is reflected in our response. Similarly, we have taken this opportunity to raise concerns around some of the uncertainty that remains as we are now just 18 months away from implementation.”
The SPP response to the House of Lords call for evidence is available here:
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