Chancellor Rachel Reeves is looking to make sweeping changes to UK inheritance tax in her Budget, drawing on proposals from a five-year-old blueprint for reforming the levy.
Reeves, who is aiming to close a £40bn government funding gap, has been studying a 2019 report by the now-defunct Office of Tax Simplification, according to people briefed on the chancellor’s Budget preparations.
The chancellor has looked at extending the “seven-year rule” — a bedrock of UK inheritance tax planning governing gift giving — from seven years to 10 years, people briefed on her thinking told the Financial Times.
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