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Government think-tank proposes scrapping inheritance

A key Government Cabinet Office think-tank is proposing banning inheritance as part of its plans to increase social mobility.

In its discussion paper on social mobility, published this month, the Performance and Inno-vation Unit claims upward career and social mobility from manual to higher status occupations has declined.

The PIU cites access to financial capital as one of the reasons individuals fail to move up and down the social ladder based on merit alone.

The think-tank&#39s discussion papers are designed to contribute to wider debate about devising policy, so it is not yet clear how seriously policymakers will take the most radical of the unit&#39s suggestions for change, which would have wide-ranging implications for the financial services sector and advice.

A Performance and Innovation Unit spokeswoman says: “This is not a policy document but the onus is upon policymakers to take this into account.”

IFA Marshall Williams & Co managing director Ian Williams says: “I believe you should not ban inheritance but ban inheritance tax.

“It is easy to make and lose a fortune. It takes two generations to learn how to manage money.

“Also, all every working man in the country wants is to leave what he can for his children and grandchildren.”


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