A HMRC raid on pensions could see savers lose £214,000 to the Labour Party government. New inheritance tax rules for retirement savings unveiled by Chancellor Rachel Reeves last year could deliver an unprecedented financial blow to countless British households.

During last year's Budget, Ms Reeves confirmed plans to bring pension savings into the inheritance tax net starting in April 2027, ending their current exemption status.

Speaking to Newspage , Scott Gallacher, who heads Rowley Turton financial advisory firm, calculated that the changes would result in an immediate tax liability of approximately £214,000 if he were to die before his partner.

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"Looking across our client base, the combined impact could exceed £40

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