labour changes to inheritance tax

[riccardob]

Hi, I was reading the press today and there are hints that labour will announce changes to iht in October, particularly with reference to gifting and the seven year rule. Of course none of this was mention during the election campaign....
Does anyone think the changes they are likely to make, no doubt more restrictive, would apply to gifts made before they have come into power?

Thanks

[pawncob]

Retrospective legislation is always frowned upon, so it's not likely.

[strawn]

Retrospective legislation is always frowned upon, so it's not likely.

Dennis Healey imposed retrospective legislation on the precursor of IHT, namely Capital Transfer Tax.

[riccardob]

I'd like to see hmrc trying to put things together to recoup money from deed of variations and gifts made years ago...they are barely competent to recover 1% of fraudulent covid loan claims...