Inheritance Tax: Tax Allowances
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of a lifetime gift cap on the ability of family (a) farms and (b) businesses to mitigate changes to (i) Agricultural and (ii) Business Property Relief.
Answered by Dan Tomlinson
There is no lifetime cap on gifts for inheritance tax purposes. Information on the rules is available at www.gov.uk/inheritance-tax/gifts.
The Chancellor of the Exchequer makes tax policy decisions at fiscal events and the Government does not comment on speculation around future changes to tax policy.
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