John Stevenson, the Conservative MP for Carlisle and leader of the All-Party Parliamentary Group on Inheritance Tax and Intergenerational Fairness, has emphasized the need for a complete overhaul of the inheritance tax system. He argues that instead of abolishing inheritance tax, the government should focus on simplifying it and reducing the rates. Stevenson specifically suggests the removal of the complex and distorting “gift with reservation” rules as part of the reform effort. Nimesh Shah, a representative from the accountancy firm Blick Rothenberg, criticizes these rules as “facetious” and emphasizes the importance of limiting the use and enjoyment of assets by the person giving them away.
Notably, The Telegraph has joined forces with more than 50 MPs to call for the abolition of the death tax. Due to frozen thresholds, an increasing number of bereaved families are being affected by this contentious tax, resulting in annual revenue exceeding £7 billion. While each individual is entitled to a £325,000 inheritance tax allowance known as the “nil-rate band,” this threshold has remained unchanged since 2009, despite the rise in property prices.
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