Pensions will become liable for inheritance tax after Rachel Reeves announced a £2billion crackdown in her bombshell maiden Budget today.

Pensions will be included in the assets that count towards inheritance tax from April 2027, throwing family legacy plans into turmoil.

Rachel Reeves today announced that pensions will be included within the value of estates for inheritance tax (IHT) purposes from April 2027.

Tens of thousands of grieving families face a new death duty on pensions and will be dragged into paying the dreaded 40 per cent charge for the first time.

Analysis suggests that this could cost as many as 20,000 grieving families around £65,000, which would be an extra £40,000 on top of what they would pay under the current regime

Rachel Reeves has been slammed after being accused of betraying small family businesses while letting private equity bosses off the hook.

Changes announced to inheritance tax rules could see the end of small family farms, warns the NFU.