Millionaire Tory MPs demand an finish to inheritance tax

Plenty of millionaire Tory MPs, allied to former Prime Minister Liz Truss, whose concepts tanked the economic system, need an finish to inheritance tax.

Millionaire Nadhim Zahawi, who was sacked by Sunak over his personal tax dealings, is main the group of greater than 50 Tory MPs, calling for an finish to the tax. Opposition to inheritance tax is being coordinated by the Conservative Progress Group, which is carefully allied to Truss.

The Tories declare that the variety of properties included within the tax has greater than doubled and that it hits laborious working aspirational households.

In fact they utterly overlook the truth that the tax impacts solely the richest 4% of households and brings in over £6bn of tax income.

Mega-rich former cupboard member Jacob Rees-Mogg and ex-House Secretary Priti Patel are among the many right-wingers demanding that inheritance tax is scrapped by Chancellor Jeremy Hunt in his Autumn assertion later this yr.

Writing within the Telegraph, Zahawi referred to as the inheritance tax ‘morally improper’. Whereas he thinks it’s improper to tax the wealthy, the Tories do little or no to assist extraordinary households struggling because of the price of residing disaster.

It’s additionally value declaring that individuals can go on estates of as much as £1 million to their partner or civil companion with out paying any inheritance tax.

Basit Mahmood is editor of Left Foot Ahead

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