Proposed abolition of IHT causes concern

While the latest proposals from the Conservatives' Economic Competitiveness Policy Group to abolish inheritance tax (IHT) may be popular, any such move could have a sting in the tail. The group, chaired by cabinet minister John Redwood, has urged leader David Cameron to take the bold step of scrapping IHT if elected to power, to address the fact rising house prices have resulted in an increasing number of estates being caught in the net. Under the proposals estates would be liable for capital gains tax (CGT) rather than IHT, but first homes and assets held over 10 years would be exempt. Ho...