HMRC is set to punish families with a tax raid on pensions pots of deceased loved ones . HMRC has confirmed that death duties of up to 40% will apply to unspent private pension pots.

The Labour Party government has confirmed that death duties of up to 40% will apply to unspent private pension pots – even if the saver never had the chance to touch the money.

Tom McPhail, an independent pensions expert, accused Labour of resorting to an “underhand raid” to plug gaps in its finances, adding: “The UK’s pension tax relief system is slowly collapsing under the weight of unfair and bureaucratic restrictions.”

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Rachel Reeves announced in her maiden Budget last October that pension pots would no longer be exempt from d

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