HMRC considering 'blatant' change to tax the bank of mum and dad

Potential new HMRC regulations have been labelled as "daft" as Chancellor Rachel Reeves faces criticism over a rumoured policy that could inadvertently turn grandparents into tax evaders. The proposed changes focus on reducing the long-standing £3,000 annual tax-free gift allowance that families have relied on for generations.

Scott Gallacher, Director at Leicester-based Rowley Turton, expressed shock at the potential move, stating: "I can't believe the Chancellor would be daft enough to cap family gifts."

The personal finance expert warned: "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."

Ami

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