IRAISNOTAPENSION

Hi HRMC Support, With the latest Budget changes on Pensions being included in IHT, I'm interested in how Traditional IRAs will be treated in that respect. As of now HMRC states that Traditional IRAs are not pensions and are treated as foreign savings accounts. Quite clearly this is the case as we can't utilise the 25% tax free pension withdrawal benefit in UK tax system, nor can we declare them as foreign pensions on our tax returns and must identify them on tax returns on section SA106 as foreign interest. My question is will HMRC treat Traditional IRAs as pensions for the purpose of the new IHT rules from April 2027, or will they be excluded from IHT or have they always been treated as a foreign savings accounts for IHT and what are the rules for IHT on traditional IRA accounts now and moving forward with the new IHT rules? If HMRC treat the Traditional IRA account as a pension for IHT purposes then is it a foreign pension or foreign savings account for personal taxation purposes or do we find ourselves in a situation it can be both foreign savings account and a foreign pensions account. I realise the new policy on IHT with pensions included is still under consultation...and hopefully Traditional IRAs in USA (which are same as a SIPP or DC pension scheme in UK) are clarified one way or another. Pension or Savings Account or em well both! PS I'm a UK resident and UK citizen.