We call on the UK Government to review current inheritance tax rules in the context of ongoing pension reform and the challenges facing working-age people today. We propose that individuals should be able to invest their full inheritance into a pension fund without incurring inheritance tax.
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With people living longer and the cost of living at record highs, many individuals are struggling to save adequately for retirement. At the same time, inheritances, often built through a lifetime of taxed income and asset growth, are subject to further taxation upon transfer. We think this future facing reform would promote long-term saving and intergenerational investment and encourage greater financial independence reducing pressure on the state pension system.