#inheritance-tax

#inheritance-tax

A campaigning "patriotic millionaire" has urged the Liberal Democrats to get behind a new wealth tax, as the party debates how to position itself on the economy. Mark Robinson, who joked to activists he was the "most left-wing man in commercial real estate", welcomed the party's call this week for a windfall tax on big banks. But he argued the projected 7bn a year raised under the policy was a "drop in the ocean" compared to "properly" implemented taxes on wealth.

With the public sector spending an estimated £5 billion a year on food, the pledge was billed as a potential multi-billion-pound lifeline for farmers. However, data obtained by the Countryside Alliance shows that only two government departments currently source a majority of their food from Britain: the Foreign, Commonwealth and Development Office (80%) and the Department of Health and Social Care (72%).

"Inheritance tax is the most resented tax we encounter - and for good reason. It's viewed as a double taxation on assets that have already been earned, saved, and taxed over a lifetime."

Over the past three years, families have made more than 18,000 claims for overpaid inheritance tax (IHT), with property sales contributing significantly to these claims.

"Despite significant pushback from the industry, pensions will now form part of inheritance tax calculations," he said. "This places yet another burden on grieving families."

Rachel Reeves, after a backlash from wealthy individuals following the introduction of new inheritance tax regulations, is reportedly considering modifying changes affecting non-domiciled statuses and taxing worldwide assets.