Tory think tank urges IHT abolition
Conservatives told that IHT penalises middle-income families and should be scrapped
A Conservative policy group, led by former cabinet minister John Redwood, has
told the Tories that they should abolish inheritance tax if they come to power.
The think tank argued that that rising property prices meant estates of
people ‘who could not in any sense be described as rich’ are now above the
£300,000 payment threshold, the BBC reports.
Redwood’s group also called for a reduction in business tax rates to spur
competition. Large business tax should be cut from 30% to 25% and small
businesses should only pay 20% tax.
The recommendations of the policy group are not binding, but shadow
chancellor George Osborne said the Tories would consider all the proposals
seriously.
Further reading:
Tories hesitate on upfront tax cuts
Tories take sides in private equity tax
row
Grant Thornton to help Tories on tax