The Treasury will need to take in more than £50bn in new taxes at the next Budget in the Autumn to avoid breaking the government’s fiscal rules.

Rachel Reeves is exploring measures to extract more revenue from inheritance tax (IHT) ahead of the Autumn Budget, as she looks to plug a massive fiscal blackhole without breaking Labour election promises on tax.

According to a report in The Guardian , the Treasury is looking into changes to thresholds as well as tightening the rules around using gifts of money to get around IHT.

The unpopular levy on estates has been consistently exploited as a means of taking in additional revenue to fund spending without directly raising headline taxes on individuals.

Currently, cash gifts are exempt from the tax as long as they are made more than seven y

See Full Page