The Labour Party is considering plans outlined in its “Land for the Many” report that will increase Inheritance Tax (IHT) from its current £5.3 billion per year to £15 billion.

Shadow Chancellor John McDonnell is also considering plans to impose a lifetime gifts tax with a threshold of just £125,000.

After the lifetime limit is reached, any surplus gifts would be taxed at income tax rates, which currently reach 45 percent, but would increase to 50 percent under a Labour government.

Geoffrey Todd, partner at law firm Boodle Hatfield explained there are two clear options for those looking to minimise the ...