Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to permit parents to leave more of their own money to their children.

The Government has already taken steps to make it easier for parents to pass on more of their money to their children when the die.

From April 2015, individuals will be able to pass on their unused defined contribution pension to any nominated beneficiary when they die, rather than paying the 55% tax charge on inherited pensions which currently applies

If the individual dies before they reach the age of 75, the beneficiary will be able to access the funds completely tax free at any age. If the individual dies after they reach the age of 75, the beneficiary will be able to access the funds, at any age, subject their marginal rate of income tax. There will also be an option to receive the pension as a lump sum payment, subject to a tax charge of 45%.

These changes will be legislated for in the Taxation of Pensions Bill currently passing through the House.