AJ Bell has warned that HM Revenue & Customs’ proposed inheritance tax regime for pensions could unfairly penalise savers by denying key tax reliefs available on other assets. The investment platform said HMRC’s latest technical note confirms that several inheritance tax (IHT) reliefs will not apply to unused pension assets when they are brought into the IHT net from 6 April 2027. AJ Bell head of public policy Rachel Vahey said the proposals risk creating a “two-tier” inheritance tax system. Where a pension holder dies aged 75 or over, inherited pension assets could be subject to both inheritance tax and income tax in the hands of beneficiaries. If it won’t do that then, at the very least, it should treat pensions the same as other assets under the IHT system, rather than creating the double standard proposed by HMRC.”