Just when you thought it couldn’t get any worse, it does.
Hot on the heels of the Government’s response to the ‘IHT on Pensions’ consultation (which is still being debated and digested by the profession) we have media reports this week that Labour are actively considering yet more changes to the IHT regime!
The suggestion this time is that they could introduce a lifetime cap on gifting.
The former Labour Chancellor Roy Jenkins famously described Inheritance Tax as a “voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue”.
Up until now that statement has been, for the most part, 100% true.
