People are being encouraged to review their finances as they could be hit with a new tax bill after November. Tax experts have issued warnings that the Autumn Statement could bring changes to inheritance tax (IHT), potentially reducing some of the tax-free allowances. Chancellor Rachel Reeves is set to present her latest money policies to Parliament next month, and many are predicting potential tax hikes.

Jessica Partridge, partner and head of tax and trusts at law firm Mayo Wynne Baxter , suggested one possible change the Government could implement is to "abolish" tax-free gifts out of income for inheritance tax purposes. One method of reducing your inheritance tax liability is by giving away gifts, as this decreases the size of your estate that will ultimately be taxable when you die

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