Pension inheritance tax fears mean spark surge in life insurance sales
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Britain is seeing a surge in life insurance purchases as savers prepare for Labour's inheritance tax changes on pensions.
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The policy, first announced by former chancellor Rachel Reeves in her 2024 Budget, will take effect from April next year.The move will bring unused pension pots and death benefits within the scope of inheritance tax for the first time.Royal London, the UK's largest life and pensions mutual, said demand for life insurance has risen sharply as customers look to offset the additional tax burden.
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TRENDING Stories Videos Your Say The firm recorded £1.8billion of net inflows in the first half of 2026, while assets under management climbed to a record £43.6billion.Chief executive Barry O'Dwyer said more customers are now taking out life insurance specifically to cover potential inheritance tax liabilities created by the reforms."It doesn't take that much, if you're a small‑business owner and you have a pension pot built up, to be tipped over the thresholds," he said,...
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