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PARLIAMENTARY WRITTEN QUESTION
(2 December 2024)

Question Asked

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes in liability for inheritance tax on levels of tax avoidance.

Asked by:
Mr Richard Holden (Conservative)

Answer

At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services. These were tough decisions given the situation we inherited from the previous administration, but the Government has done so in a way that makes the tax system fairer and more sustainable.

These decisions included reforming the inheritance tax rules on pensions, agricultural property relief, and business property relief.

The Government published a technical consultation on the changes to inheritance tax rules for pension funds and death benefits at https://www.gov.uk/government/consultations/inheritance-tax-on-pensions-liability-reporting-and-payment.

The Government also published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.

In accordance with standard practice, a tax information and impact note will be published alongside the draft legislation before the relevant Finance Bill.


Answered by:
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1 January 1970            

        

            
                            
                            
                        

                    


                                    

                    

                        

                    

                

            
                    

                                    

                

                    
Contains Parliamentary information licensed under the Open Parliament Licence v3.0.