Friday, 10 August 2018 10:25

SNP CALLS FOR INHERITANCE TAX REFORM AND DEVOLUTION

SNP Westminster Treasury Spokesperson Alison Thewliss MP has called for the reform and devolution of inheritance tax which she described as “not fit for purpose” following reports tax taken from inheritance has hit a record high of £5.2bn in 2017-18.

£283m was raised in Scotland during the financial year 2016-17 alone, with receipts growing 12% over the preceding decade.  

However, loopholes in the current UK system are being exploited by tax advisors to minimise payments made by their clients. These include buying shares in the alternative investment market which reduce inheritance tax dues through business property relief, despite the tax break being designed only to apply to the inheritance of family businesses.

Commenting, Alison Thewliss MP said:

“The current system of inheritance is not fit for purpose with loopholes allowing the wealthiest individuals to avoid paying their fair share.

“The UK Government had to be dragged into accepting Magnitsky Powers to sanction international human rights developers and reviewing the structure of Scottish Limited Partnerships which are being used as money laundering vehicles.

“The Tories can't be trusted on inheritance tax. It was the former Chancellor George Osborne who appeared to advise Daily Politics viewers on how to avoid inheritance tax as a backbencher in 2003.

“With Westminster having repeatedly failed Scotland on this issue, it is high time inheritance was devolved so that the Scottish Government could deliver a system designed to meet Scotland’s needs.

“In the meantime, the SNP will continue to lead the fight against tax avoidance at Westminster.”


Note: Inheritance tax reaches record high: https://www.ft.com/content/0acb71ea-95ad-11e8-b67b-b8205561c3fe

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