Professional Adviser quotes Julia Cox on possible IHT reform if the Labour Party win the next general election
In his first King's Speech, King Charles III outlined the programme of legislation the government plans to progress in the next parliament session, which is likely to be the last before the next general election.
Despite expectations from the industry around a potential pensions bill, no mention was made of policy changes or movement on inheritance tax (IHT).
On the issue of IHT, Julia Cox, Partner, pointed to "notable lack of discussion" on changes but said it was "unclear" where the money would come from if the infamous tax were to be abolished.
She comments for Professional Adviser:
"That said the tax take from IHT is not insignificant, so there is certainly a case to be made for keeping it in place for the stability of the country's finances, particularly at such an economically challenging time.
"Moreover, should the Labour Party win the next general election, they may well fill the hole in public finances by making changes to IHT - so those affected could be encouraged to start planning now."
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