Martin Lewis issues crucial inheritance tax update after 'being asked questions'

Martin Lewis has issued a crucial update over inheritance tax ahead the Labour Party delivered its first Budget since the General Election victory yesterday. The BBC Sounds podcast host is encouraging fans to tune into his ITV The Martin Lewis Money Show Budget Special tonight.

In an update on Twitter/X, Mr Lewis said: "I'm being asked questions about the change to inheritance tax to farms - I'm batting them off at the moment as its not my bag. However I will cover it on the show tonight (as I've specialists on and will make sure its in one of their bags) :)"

He said: "I know many had questions on benefits, umbrella companies, pension and inheritance tax, tax thresholds, national insurance, carers allowance and more. If so then the post below is the one to reply to and I'll try and get through as many as possible tomorrow."

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Mr Lewis had earlier put a call-out for questions, urging fans to get in touch and writing: "Got questions on the budget? Tomorrow 8pm on @itvMLshow we'll be going through what the budget means for you & your finances in practice.

"I'll be joined by tax, pensions and benefits experts to answer. So if you've got a Q to suggest just ask it by reply." Pensions will be subject to Inheritance Tax (IHT) from April 2027 – though the vast majority of estates will still not pay it despite the changes, Labour Party Chancellor Rachel Reeves has confirmed this week, in her Autumn Statement and fiscal statement.

On its website, Mr Lewis' team at Money Saving Expert say the measures mean that an estimated extra 10,000 estates will be liable for IHT in the 2027-28 tax year, while an estimated 40,000 estates will be liable for more inheritance tax (or IHT) as a result.