Labour Party Chancellor Rachel Reeves has been blasted for an inheritance tax plot which is "turning grandparents into tax evaders", as part of new HMRC rules which have been branded "daft".

The plan involves cutting the long-standing £3,000 annual tax-free gift allowance. Scott Gallacher, Director at Rowley Turton, said in a warning: "I can't believe the Chancellor would be daft enough to cap family gifts.

"All it would achieve is turning grandparents into overnight tax evaders, with cash gifts to children and grandchildren rocketing to avoid what many already see as an unfair tax," the personal finance expert went on to say.

Amid the speculation of the change, another finance expert, Benjamin Beck, a financial coach, said: "Family gifts can be the difference between affording a dep

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