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
Report argues that the government must change the way it makes tax and budget decisions
Drastically fewer offices for HMRC in the hope to reduce their running costs
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Companies must report on their complex financial structures including offshore accounts and notify HMRC