Member

Estates will continue to benefit from the normal nil-rate bands, reliefs and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean that any transfers, including the payments of death benefits to a spouse or civil partner, are fully exempt from inheritance tax. As I said, 90% of UK estates will continue to have no inheritance tax liability whatsoever following the changes, and the reforms will only affect a minority with inheritable pension wealth. New clause 22 should therefore be rejected.