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Tories propose IHT threshold as £1m

The Conservative party has pledged to raise the inheritance tax threshold to £1m in a bid to free middle England from the death tax.

Shadow chancellor George Osborne told the party conference in Blackpool this morning he wanted IHT to be a tax only millionaires would pay.

But IFAs think this is a dangerous game of vote-grabbing and is totally unrealistic.

Osborne said raising the current £300,000 IHT threshold would exempt most London homes, a bold promise that would reverse the last decade of more London and South East homes being caught by the net.

Osborne proposed covering the £2.7bn cost of tax cut that would be borne from increasing the threshold by imposing a single flat rate tax rise on foreign billionaires residing in Britain.

Worldwide Financial Planning IFA Nick McBreen says: “I think this is dangerous territory. It has not been thought through at all. The nil rate band is called so for a reason, so how do they expect to make up the difference? The last thing tax payers will want is even more direct taxation.

“It is misleading and goes against basic economics. How can they possibly raise the threshold of IHT and wash away stamp duty? Since Redwood made his initial comments earlier this summer, we have seen absolutely no detail, but they had to get some headlines out of this conference.”

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