Thackray Williams' Elliot Lewis in Telegraph and on BBC Breakfast & Money Box Live speaking about Inheritance Tax changes and a rise in silver marriages

In Rachel Reeves’ first Budget in 2024, she announced that pension pots would be brought into the Inheritance Tax (IHT) net from April 2027. Crucially, those who are either married or in a civil partnership will continue to benefit from spousal exemption, meaning the entire estate can be passed to the surviving spouse tax free. Unmarried couples do not have this benefit – even if they have lived together for years.

This has changed the conversations that our Private Wealth Department is having with our clients as to whether tying the knot or entering a civil partnership is a solution that feels right for them. As Elliot told BBC Breakfast:

"It's had a huge impact in practice. The statistics bear out that older couples are an increasingly large proportion of people that are actually getting married more than ever - this is only going to supercharge that. The conversations that we're having with people at the moment suggest that for a lot of our clients it is a serious consideration. The benefit is you get spouse exemption; any assets that pass between the couple - either marriage or civil partnership - you get Inheritance Tax free."

(You can watch Elliot on BBC Breakfast on 20 December 2025 at 07h18.)

Elliot also featured on the same day on BBC Radio 4’s Money Box Live, where he explained that the changes are likely to increase the number of older couples getting married:

“It’s an option for most clients. It has been for a while, but if you think about it, adding potentially hundreds of thousands of pounds of pension assets into a taxable estate clearly is going to cause more people a bigger tax problem. It often brings people who didn’t have a tax problem into the Inheritance Tax net, that’s key. And quite often people who have an Inheritance Tax problem already, it causes them clearly a bigger problem.”

The changes coming into effect in April 2027 have significant impact for retirement planning of unmarried couples. As Elliot explained in The Telegraph:

“Unmarried couples... may suddenly find themselves within the scope of Inheritance Tax, which in turn will impact the retirement finances of the surviving partner. We’re talking to more older unmarried clients who are considering getting married to protect their pension pots to ensure their partners will have a secure financial future when they pass.”

The story was then picked up by GB News.

With more cohabiting older clients considering getting married, this is also calling on the expertise of our Family Law Department. “Older couples typically bring assets to the union that they have built up over their life, as well as often having children from previous relationships,” explains Family Partner Caroline Burstein. “Alongside wanting to ensure that their partner is provided for if they die first, they also want to make sure that their own children aren’t disinherited.

“The Family Law Department is advising on how pre-nups and revised Wills can provide solutions to protect the respective assets and children of both bride and groom.”

“Elliot’s advice on leading BBC programmes and in The Telegraph is testimony to the expertise and commitment of Thackray Williams’ Private Wealth Sector,” commented sector Head and Co-Managing Partner, Anthony Macey. “It shows how the team anticipate the implications of tax changes and provide proactive communications to make both our clients and the wider public aware when they need to explore whether they need to adapt their retirement, estate and succession planning to protect both themselves and their loved ones.”

If you’re concerned about how the upcoming changes to pension pot taxation will affect you and your partner, contact Elliot to set up an initial, no-obligation chat.