How will Labour tightening inheritance tax rules impact UK growth?

Plans to tighten inheritance tax rules on gifting and passing assets on to family members before death would damage UK growth and could lead to “regret” within the government, Labour has been warned. Treasury officials are reportedly considering changing rules which allow Brits to pass on assets to younger family members over seven years before they die tax-free. The “taper relief” tax rates on gifts made seven years before someone dies, which increase to 32 per cent if gifts are given three years before the day the person dies, could also be partly replaced with a lifetime cap on the amount of cash or assets individuals can donate, according to a source quoted by The Guardian. But leading analysts at Hargreaves Lansdown, which is working with the Treasury on a drive to increase retail investment, have suggested that Labour may “come to regret” making complex changes to inheritance tax in the autumn as part of an effort to plug a £40bn fiscal hole in the public purse. Read more of the story here 👇 https://www.cityam.com/labour-warned-tightening-inheritance-tax-would-stymie-growth/ Get more of City AM 👇 🌐 http://www.cityam.com X(formerly Twitter): http://twitter.com/CityAM Facebook: http://www.facebook.com/cityam Instagram: http://www.instagram.com/city_am LinkedIn: www.linkedin.com/company/cityam Produced by: Mauricio Alencar, Scarlett Wild, Matt Kenyon, Emmanuel Nwosu