Wealthy families get up to £666 million a year on inheritance tax reliefs on land and business property, according to lobbyists Tax Justice UK, calling for an end to what it called these “unfair” subsidies.
Using HMRC data, the organisation found that in 2015/16, the latest year available, more than 71 percent of the tax breaks went to families with farm and business property worth over £1 million.
At the very top, 51 well-off families with business property assets shared roughly £6.4 million each in tax breaks.
Tax Justice noted that while inheritance tax is unpopular, most people don’t own enough to...