The UK's All Party Parliamentary Group (APPG) for inheritance and intergenerational fairness has made “radical” proposals that would “completely change the way inheritance tax works in this country.”
Anthony Nixon, an inheritance tax specialist at Irwin Mitchell, warned that “every single person in the UK would be affected.”
The APPG’s report focused on two key recommendations which are:
- Policymakers replace the current IHT regime with a tax on lifetime and death transfers of wealth, with very few reliefs and a low flat rate, likely between 10 and 20 percent. The CGT tax-free death uplift would...
