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\t\tSweeping reforms to inheritance tax are expected at the upcoming Budget\t<\/p>\n
The high-net-worth clients of a leading wealth manager are rearranging their estate planning to get ahead of potential changes in the Budget, fearing the Chancellor will mount another inheritance tax grab to help plug the Treasury\u2019s \u00a330bn fiscal hole.<\/p>\n
Rathbones<\/a> said that interest from its customers in inheritance-related advice has \u201crisen sharply\u201d since the start of the summer, with 43 per cent of those with \u00a35m in investable assets expecting to need advice on estate planning in the next year.<\/p>\n The rush for advice follows a string of leaks in the run-up to the Budget that suggest Chancellor Rachel Reeves will look to target the record amount of money sitting in UK individuals\u2019 pension pots and savings in a bid to shore up the UK\u2019s parlous finances.<\/p>\n The Treasury is rumoured to be examining ways to cap the amount taxpayers are able to gift to their offspring and family members during their lifetime<\/a> without it being liable for inheritance tax. Under the current rules, donations made seven or more years before a person\u2019s death do not come under the orbit of the unpopular levy, while those given between three and seven years are taxed on a scale between 32 per cent and eight per cent known as \u2018taper relief\u2019.<\/p>\n