Govt mulls introducing lifetime limit on IHT gifting – report

The paper said the government was looking at ways it could raise more money from IHT with changes being considered ahead of the next Budget as the chancellor faces an estimated £40bn fiscal black hole. Sources told the paper the government was "examining the possibility of a cap on lifetime gifting". Under current rules, gifts made seven years before death are not covered by IHT. Gifts made three to seven years before death fall under "taper relief", with the rate reducing each year from 32% to 8%, the paper stated. The report outlined that a lifetime cap "could be introduced to li...