Treasury looks at inheritance tax ahead of autumn budget

• The Treasury is reportedly considering tightening inheritance tax rules to address a £50bn shortfall in public finances.
• Proposed measures include scrapping the 'seven-year rule' for gifts and introducing a potential lifetime cap on gifts to limit pre-death asset transfers.
• Inheritance tax, which applies to estates worth more than £325,000, generated a record £6.7bn in 2022-2023 and is seen by some as a de facto wealth tax.
• The move comes amid pressure on Rachel Reeves to find solutions for a projected £41.2bn shortfall by 2029-2030, with calls for a broader wealth tax.
• Despite suggestions for wealth taxes from some Labour figures, the Treasury's official stance is to focus on economic growth and avoid raising income tax, National Insurance, or VAT.

IN FULL

Keir Starmer ‘plans rise in inheritance tax’ to ease debt crisis