A new report from Tax Justice UK says that politicians are giving some of the wealthiest families in the UK generous tax breaks. Tax Justice UK’s new research finds the government is handing out up to £666 million a year in inheritance tax reliefs on land and business property to families who are already well off. Inheritance tax is unpopular, but most people don’t own enough to pay it since every couple can pass on up to £950,000 of their wealth tax free.
According to the report inheritance tax reliefs give an unfair government subsidy to the already wealthy, driving up the price of farmland, amongst other things, with estate agents marketing agricultural property as a tax efficient place to park money. This has a big impact for ordinary farmers who are struggling to buy farmland. Read the report.