The Chancellor says that he understands the argument that people should not pay tax on death having paid other taxes during their lifetime.
While this is a welcome sign for many, it is frustrating for practitioners because there have been so many proposed changes over the past few years. It is therefore difficult to give clients advice that will stand the test of time. Clear policy is needed on inheritance tax now.
Scrapping the tax would be hugely expensive – it raised £5.3bn for the Treasury last year – at a time when the government is promising to spend many billions more on public services.