Removal of certain charges to inheritance tax in respect of pension schemesE+W+S+N.I.
46IHTA 1984 is amended as follows.E+W+S+N.I.
47(1)Section 12 (dispositions allowable for income tax or conferring benefits under pension scheme) is amended as follows.E+W+S+N.I.
(2)After subsection (2) insert—
“(2ZA)Where a person who is a member of a registered pension scheme, a qualifying non-UK pension scheme or a section 615(3) scheme omits to exercise pension rights under the pension scheme, section 3(3) above does not apply in relation to the omission.”
(3)Omit subsections (2A) to (2E).
48Omit the following provisions—E+W+S+N.I.
(a)section 151A(person dying with alternatively secured pension fund);
(b)section 151B(relevant dependant with pension fund inherited from member over 75);
(c)section 151BA(rate or rates of charge under section 151B);
(d)section 151C(dependant dying with other pension fund);
(e)section 151D(unauthorised payment where person dies over 75 with pension or annuity);
(f)section 151E(rate or rates of charge under section 151D).