US EditionInheritance tax changes under consideration amid spending gap concerns: Reports
The Treasury aims to close a £50 billion public finance gap by limiting tax avoidance through a lifetime gifting cap and revising taper relief rules, officials said.
- Chancellor Rachel Reeves faces a multibillion-pound spending gap and is considering tightening inheritance tax rules ahead of the autumn budget.
- The government’s review aims to minimize inheritance tax liabilities by potentially capping lifetime gifts, which currently escape tax if made over seven years before death.
- Some Labour figures have called for a wealth tax, but Business Secretary Jonathan Reynolds dismissed this, stressing the government’s focus on economic growth and tax fairness.
- A Treasury spokesperson emphasized that focusing on economic growth is key to improving public finances, noting that planning reforms are projected to increase the economy by £6.8bn and lower borrowing by £3.4bn.
- Despite pressures, ministers have ruled out raising income tax, national insurance, or VAT, reflecting an 'impossible trilemma' of meeting fiscal rules, spending commitments, and tax pledges.
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Major inheritance tax change talks as Sky News host grills minister on plan - The Mirror
Chancellor Rachel Reeves is reportedly exploring changes to inheritance tax - such as tightening the rules around gifting - as she battles to plug a hole in the public finances
·London, United Kingdom
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Evening Standard+5 Reposted by 5 other sources
Inheritance tax changes under consideration amid spending gap concerns – reports
Government U-turns over winter fuel payments and welfare reform have left Chancellor Rachel Reeves with a multibillion-pound fiscal shortfall.
·London, United Kingdom
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Coverage Details
Total News Sources30
Leaning Left5Leaning Right4Center4Last UpdatedBias Distribution38% Left
Bias Distribution
- 38% of the sources lean Left
38% Left
L 38%
C 31%
R 31%
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