Is IHT reform now on the cards? – Legal Comment
- On October 19, 2022
- By GrowthInvest Marketing
With Liz Truss’s home borough of Greenwich barely making the top 100* of local authorities’ contributions to Government coffers for inheritance tax, IHT may not be high on her neighbours’ agendas but according to James Ward, Head of Private Client at Kingsley Napley LLP, residents in other boroughs would be foolish to wish for the abolition of IHT any time soon.
During her leadership bid in the summer, Liz Truss promised a review of inheritance tax if she became Prime Minister. One of the major donors to Liz Truss’ campaign, Treasury Minister Andrew Spencer, even called for the complete scrapping of the tax earlier this month. However, given property prices are falling and new Chancellor Jeremy Hunt has warned some taxes may need to go up, there is now a chance IHT reform may be in his sights to achieve the same tax take or increase it in future.
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