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Rishi Sunak facing revolt from more than 50 of his own MPs over hated inheritance tax | Politics | News

Former Brexit secretary Jacob Rees-Mogg said the tax is unfair and economically damaging , while Priti Patel said it is regressive and punitive . ....

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Inheritance Tax changes: Chancellor Rishi Sunak walking 'tax tightrope' to balance Budget | Personal Finance | Finance

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Camilla Bishop, Partner at law firm DMH Stallard, said: “It is highly unlikely that the Chancellor will overhaul the Inheritance Tax regime on Wednesday.
“IHT is complex and the potential ramifications mean any changes need to be carefully thought through – something the Government just has not had time to do in recent months.
“The recommendations in the All Parties Parliamentary Report of January 2020 were radical with the introduction of a ‘gift tax’ and dispensing with Capital Gains Tax uplift on death.
“Such changes would mean it is virtually impossible to pass on wealth without suffering tax.
Inheritance Tax changes: There’s usually no Inheritance Tax to pay on small gifts made out of normal income (Image: GETTY) ....

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Will Inheritance Tax see a huge overhaul this year? Experts on what to expect from Budget

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Joe Cobb, Partner at JMW Solicitors, said he believes Mr Sunak will reduce relief options for people.
He told Express.co.uk: “There has been much speculation about what the Chancellor might change in the Spring Budget, with Inheritance Tax (IHT) appearing high up the possible list of changes.
“It is possible that the Chancellor might seek to restrict access to certain IHT reliefs, for example, the generous 100 percent relief applying to holdings of shares listed on the Alternative Investment Market, or seek to tinker with the tax-free amount.
“The introduction around five years ago of the Residential Nil Rate Band - to give relief on residential homes up to the value of £175,000 passing to a direct descendant - was effected with poorly drafted and complex legislation, and it has the effect of lifting many people out of the scope of IHT. ....

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