The Labour Party could be set to introduce a 'death duty' in a move that would have big implications for UK households, who are already struggling with the cost of living crisis
Labour may impose a "death duty" on UK households starting in October, dealing a harsh blow amid the ongoing Cost of Living crisis. As the government attempts to fill a £22 billion deficit left by the Conservative Party , inheritance tax could be a target.
McPhail, a consultant at The Lang Cat, warned that this move would cause significant disruption for wealthier pensioners. He stated, "The tax treatment of pension death benefits is very generous at the moment. There's a reasonable possibility will happen."
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