Callistemon sorry that's me having a maths crisis it should be £375,000 of course.
I think the idea of the new tax is that it would stop people disposing of massive amounts tax-free during their lifetime and also help alleviate the rise in house prices. The wording is
Replacing Inheritance Tax with a Lifetime Gifts Tax
In the long term we recommend that inheritance tax should be abolished, and replaced with a lifetime gifts tax levied on the recipient, as has recently been proposed by the Resolution Foundation148 and IPPR .149 Under this system, tax would be levied on the gifts received above a lifetime allowance of £125,000. When this lifetime limit is reached, any income from gifts would be taxed annually at the same rate as income derived from labour under the income tax schedule. The Resolution Foundation estimate that taxing gifts through the income tax system would raise £15 billion in 2020/21, £9.2 billion more than the current inheritance tax system, and would do so more progressively.
It is a long term measure so possible wouldn't even come into existance during the next parliament. The tax is on money received and not money given.