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Inheritance tax explained
Inheritance tax is levied on wealth bequeathed at death, or given away shortly before death, above a threshold. Around 5% of all deaths attracted inheritance tax in 2022–23.
Composition of estates by value, among those reported to HMRC, 2020–21
Distribution of estate values and average effective inheritance tax rate among taxpaying estates worth more than £300,000 and reported to HMRC, 2020–21
Inheritance tax reductions for gifts before death, 2023–24
Specific gift exemptions in inheritance tax
Share paying inheritance tax and revenue generated
What are the options for reforming pensions taxation?
There are various reforms that could improve the targeting of pension saving incentives or alleviate inequities in the current system.
Taxation of private pensions explained
Private pensions are tax-favoured relative to most other forms of saving. The extent of the tax advantages varies between people.