Grieving households would face £100,000 HMRC bills over a "gifts to family" rule. It recently emerged that the Labour Party government is considering implementing a lifetime cap on the amount you can pass onto your heirs IHT-free in the upcoming Autumn Budget, according to speculation.

Fidelity warns: "Speculation around IHT changes has focused so far on gifting allowances. Currently, the amount you can pass on inheritance tax-free via gifts is essentially unlimited, provided the person lives another seven years after making the gift.

"However, with a lifetime cap on the value of gifts, the situation would be very different. If the government imposed a £100,000 lifetime cap on the value of gifts that someone can pass on before they die, assuming you hit the £100,000 limit by using up g

See Full Page