Conservatives urged to scrap IHT

The report claims families who could not be considered rich are now falling above the £300,000 threshold for inheritance tax due to rising property prices. The report also recommends reducing tax on business profits to make the UK more competitive. The Shadow Chancellor George Osborne says he will look closely at the idea. The report, drafted by the Competitive Challenge working group and headed by John Redwood, reads: "Inheritance tax is not a popular tax. “This has become even more true as the swift rise of house prices in much of the country has resulted in many people, who could n...