The Chancellor could reform business relief, closing a loophole that allows the wealthy to halve their inheritance tax bills at a cost to taxpayers of £2billion a year.
Rachel Reeves is eyeing a £1billion inheritance tax raid on aristocrats and landowners who put their money in property.
Rachel Reeves is considering closing a loophole that allows the wealthy to halve their inheritance tax bills, costing taxpayers £2billion a year Read More Rachel Reeves may extend freeze on income tax thresholds in Budget for fresh £7billion grab from voters who already fear inheritance tax hikes Scrapping loopholes for business and agricultural property relief could earn the Treasury £1 billion, the Sunday Times reported.
Earlier this year, a report by the Institute for Fiscal Studies concluded that the wealthiest were using business relief to more than halve their inheritance tax bills.Last year, more than £1.4 billion was paid out to more than 3,000 estates in business tax relief. £400million was paid out in exemptions on agricultural land.
However, the Country Land and Business Association said the changes could ‘endanger our rural way of life, and the nation’s food security’ if not applied carefully.
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