Market Notes
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Information only. Nothing on this page constitutes financial, tax, or legal advice. Always seek advice from a qualified, regulated financial adviser before making any financial decision. Read our full disclaimer.
This note records factual changes only. It is information, not advice, and it does not forecast markets or call for any action. Pharos Introductions is an introducer and does not provide financial, tax, or legal advice.
From 6 April 2027, unused UK pension funds are treated as part of the estate for UK inheritance tax. This affects internationally mobile UK nationals because a UK pension is a UK-situated asset wherever the holder lives.
For 2026, the US federal estate tax unified credit for US citizens and US-domiciled individuals is 5,945,800 dollars, equivalent to an exclusion of 15,000,000 dollars. Non-resident aliens are taxed on US-situated assets above a far lower threshold, generally a 60,000 dollar exemption, with treaty relief available in some cases.
Voluntary National Insurance contributions remain a route to fill gaps in a UK State Pension record. The rules and any deadlines can be confirmed with the relevant authority before acting.
Whether any of this affects your position depends on your individual circumstances, which a regulated specialist can assess.
SERPS ran from 1978 to 2002, and the earnings you built up under it did not disappear. This guide explains where it went, how to tell whether you were contracted out, and what it means for expatriates drawing a UK State Pension abroad.
The UK does not charge a general exit tax on emigration, and one was not introduced at the Autumn Budget on 26 November 2025. Three mechanisms do reach people after they leave: the temporary non-residence rules, UK land and property, and the rules of the country they move to.
A practical guide to the HMRC NT tax code for expats: what it is, who qualifies, how to apply using form DT-Individual, how long it takes, and what a UK pension looks like with and without one.
