| UPDATED: 18:16, Wed, Feb 24, 2021
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Chancellor Rishi Sunak could make big changes to inheritance tax, impacting many savers in the UK amid the economic downturn from the pandemic. The economy suffered its biggest slump in over 300 years in 2020, although the UK has narrowly avoided a double dip recession. Britain s GDP dropped to 25 percent lower in April 2020 than it had been two months earlier in February 2020. Economic activity picked up over the spring and summer, reflecting the opening up of the economy and pent-up demand from the first lockdown.
RISHI SUNAK could target pensions tax relief as early as the next Budget, experts have warned, as the UK economy continues to struggle in the wake of the coronavirus crisis.
| UPDATED: 17:46, Thu, Feb 25, 2021
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The Chancellor is said to be considering a number of tax hikes and reforms in order to recoup funds, and will outline his policy changes in his Budget on March 3. Julia Rosenbloom, a partner and Smith and Williamson and tax adviser, warned that potentially exempt transfers (PET) could be abolished, and recommended that people make gifts sooner rather than later to avoid extra charges. The rules allow individuals to make gifts of unlimited value to friends and family members without being hit with any inheritance tax liabilities if you live for