Please email: [email protected] of the biggest shocks from Labour’s first Budget came when Chancellor Rachel Reeves announced that pensions will become subject to inheritance tax.The move reverses the decision by George Osborne in 2015 to exempt pension pots from being considered part of an estate for inheritance tax purposes.

Chancellor of the Exchequer Rachel Reeves defended her move to levy inheritance tax on UK landowners who pass down agricultural property to their children, after critics said the move would hurt the sector and lead to the breakup of family farms.