Inheritance Tax: Pensions - Question

Part of the debate – in the House of Lords at 2:58 pm on 17 November 2025.

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Photo of Lord Livermore Lord Livermore The Financial Secretary to the Treasury 2:58, 17 November 2025

I presume the noble Baroness is referring to the proposal of the noble Baroness, Lady Altmann, for a flat tax, and it is very interesting that she raises that. Currently, fewer than 10% of estates will have an inheritance tax liability. If you put a flat tax on all pensions, you are asking 90% of estates to pay more so that 10% of estates can pay less. I do not consider that to be fair.