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Investment Week quotes Julia Cox on the proposed scrapping of inheritance tax

Plans to scrap inheritance tax (IHT) - reported to have been drawn up by Rishi Sunak over the weekend - are being taken with a pinch of salt across the industry, with the Prime Minister refusing to comment on speculation that he is looking to abolish IHT next year.

Julia Cox, Partner, provides comment for Investment Week:

"While the few that are required to pay inheritance tax may welcome a complete scrapping, phased reduction to abolition of the IHT may be a more sensible approach as may indeed be retention of IHT.

"As we saw with last Autumn's Mini Budget, care still needs to be taken that such disruptive tax changes may have other unwelcome consequences.

"In this case, it could affect the alternative investment market - the £90bn UK market for smaller/growth stocks that typically benefit from IHT relief once owned for two years.

"As the tax take from IHT is not insignificant - a record £5.76bn for 2021/22 - there is certainly a case for keeping it in place for the stability of the country's finances, and with frozen IHT free thresholds this is only set to increase."

Read the full article in Investment Week here.

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