The Taxpayers’ Alliance is reporting that George Osborne will pledge to abolish inheritance tax at Blackpool. The TPA believes that the proposal that Osborne will unveil will be very similar to the one proposed by the Tax Reform Commission. Inheritance tax as we know it will be abolished and replaced by a new kind of capital gains tax which treats death as equivalent to a sale of assets. Primary residences will be exempt from all tax. But all other assets will be subject to capital gains tax of up to 40%. Though, there will be taped relief through which this could fall to zero for assets owned for ten years.
Britain’s best politics newsletters
You get two free articles each week when you sign up to The Spectator’s emails.
Already a subscriber? Log in
Comments
Join the debate, free for a month
Be part of the conversation with other Spectator readers by getting your first month free.
UNLOCK ACCESS Try a month freeAlready a subscriber? Log in