Rachel Reeves is eyeing changes to inheritance tax to help plug the huge gap in the public finances, according to reports.
The Chancellor is said to be looking at tightening rules on gifting of money and assets before someone passes away to address an estimated £50billion spending hole at the next Budget.
Under consideration is the prospect of a lifetime cap which would limit the amount a person could gift before their death, the Guardian reported.
The Tories warned that the plans revealed Labour's 'politics of envy' and said people should not be punished for passing on their hard-earned money.
Mel Stride, the shadow chancellor, said: 'The politics of envy strikes again. This is tantamount to class warfare. More politics of spite.
