UK Chancellor considers tightening inheritance tax rules to tackle budget shortfalls.

Chancellor Rachel Reeves is considering tightening inheritance tax (IHT) rules to address budget shortfalls. Currently, IHT is charged at 40% on estates over £325,000, with additional allowances like the Residence Nil Rate Band. Changes under consideration include capping lifetime gifts between £100,000 and £200,000 and removing exemptions. Experts advise reviewing finances and updating wills to adapt to potential changes.