Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to Inheritance Tax at the Autumn Budget 2024 on costs to pension scheme administrators.

Most unused pension funds and death benefits will be included within the value of a person’s estate for inheritance tax purposes from 6 April 2027.

A technical consultation was published at Autumn Budget 2024 on the proposal for pension scheme administrators to become liable for reporting and paying any inheritance tax due on pensions. The consultation concluded on 22 January 2025 and the responses are being considered. In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.