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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Pensions: IHT exclusions: trust based schemes that are not relevant property

IHTA1984/S58(1)(d) excludes:

from the definition of relevant property. This means that these trust based schemes are not liable to the 10 year anniversary charge or the exit charge (IHTM04096).

Before 6 April 2006, the exclusion in IHTA1984/S58(1)(d) referred instead to a fund or scheme to which IHTA1984/S151 applied. This section applied to approved schemes which automatically became registered pension schemes on that date and also to sponsored superannuation schemes which have some retained rights (IHTM17039).

Any other trust based schemes that provide retirement benefits, primarily employer-financed retirement benefit schemes (EFRBS) set up on and after 6 April 2006, are relevant property trusts, so they are liable to the 10 year charge and the exit charge (IHTM17082). EFRBS that were established before 6 April 2006 would have been unapproved schemes at that time but would probably have met the definition of a sponsored superannuation scheme (IHTM17039).