Rachel Reeves is apparently at it again!

She is proposing to overhaul the rules surrounding lifetime gifting, (Currently allowing no limit on money or assets being gifted to relatives or friends inheritance tax free once 7 years has elapsed with a sliding scale of a reduction in the 40% inheritance tax rate of 8% a year from years 3 to 7).

She is now reviewing all of this.

It appears therefore that it really is time to consider good estate planning well in advance of your death and with so many different tax grabs in the pipeline for consideration, the earlier things like Trusts are considered the better as far as we can see.