Hmm, this one seems to be gaining some traction (to use an expression you never hear outside a management Zoom meeting). The suggestions range from a 1% to a 5% to a Corybnista 10% one-off tax on assets above £2m/£1m/£550k…your definition of wealthy usually depends on your personal starting point. The sums add up, it could pay for Covid, but it probably won’t happen because it would be a nightmare to both define and collect. And the wealthiest would, of course, be best placed to dodge it. In reality, it’s the squeezed middle who’d be squeezed, to quote Dennis Healey (kids etc.) ‘until the pips squeak’.
“IHT to be ‘battleground policy’ in general election as receipts continue to grow”
Just when you thought Inheritance Tax was to become yesterday’s news, it’s back as, apparently and potentially, a ‘battleground policy’ as the election looms.