John Stevenson, Conservative MP for Carlisle, is leading the way in advocating for a complete overhaul of the inheritance tax system. As the head of the All-Party Parliamentary Group on Inheritance Tax and Intergenerational Fairness, Stevenson believes that the government should not simply do away with inheritance tax, but rather, reform it to be more straightforward and reduce tax rates.
Specifically, he suggests eliminating the “gift with reservation” rules, which he considers overly complicated and unnecessary. Stevenson argues that these provisions distort the tax system, further emphasizing the need for review and reform.
Accountancy firm Blick Rothenberg’s Nimesh Shah supports this call for change, describing the rules as “facetious.” He also believes that individuals who give away assets should have minimal use and enjoyment of them, reinforcing the idea of fairness.
This issue has attracted the attention of The Telegraph, which is joining forces with more than 50 MPs to urge the government to scrap the inheritance tax. The revenue generated from this controversial duty has increased to over £7 billion per year, negatively impacting a growing number of bereaved families due to frozen thresholds.
Currently, individuals are limited to a £325,000 inheritance tax allowance known as the “nil-rate band.” However, this threshold has remained unchanged since 2009, despite the rising prices of homes.
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