In 2021, Ms Reeves said that she would evaluate all tax reliefs and exemptions if Labour came to power.
She once described an exemption for family homes as one of the most “blatantly unjust” policies.
Under the current rules, inheritance tax is charged at 40pc on anything over £325,000. This increases to £500,000 if a home is being left to children or grandchildren.
There are also further reliefs to protect businesses and large estates.
Agricultural property relief provides up to 100pc relief from inheritance tax to those passing on farmland and farmhouses. Business property relief also provides up to 100pc tax relief on qualifying shares.
Chris Shepard, a tax expert at wealth manager Evelyn Partners, said that his clients were “crystalising” their existing reliefs, either by giving property to relatives early or by selling holdings before any CGT changes are made.
Mr Shepard said that high interest rates being offered on cash accounts meant that more of his clients preferred to take their money “off the table” now, rather than risk not cashing in before CGT rates increase.
He said: “We’ve been talking about CGT changes for years, it’s becoming a self-fulfilling prophecy. One day it will happen, and I expect it will happen sooner rather than later.”
But he said that some of his clients were struggling with the idea of needing to make gifts earlier in order to avoid inheritance tax bills later on.
“It’s still not clear what is going to happen with some of the [inheritance tax] reliefs,” he said.
“There’s a bit of a balance to be had here in relation to protecting the next generation against themselves, [they are worried about] giving them too much money too early on.”
Ms Loydon, of St James’s Place, said that her clients were nervous about making big changes to their holdings while there was still so little certainty.
She said: “I get a sense clients are being lulled into a sense that there will be time to do stuff before it gets introduced. Now whether that materialises is a different question.”
She added that there was growing concern that money saved in pensions could come into the scope of inheritance tax.
Currently unspent pensions are free of death duties, with the inheritor paying income tax at their marginal rate of income tax only when cash is withdrawn.
If the saver dies before 75, pension money is passed on free of all tax.
