More than 50 Tory MPs including former Chancellor Nadhim Zahawi urge Rishi Sunak and Jeremy Hunt to scrap ‘morally wrong’ inheritance tax
- Nadhim Zahawi said it was ‘morally wrong’ to take a person’s wealth after death
- Former Tory ministers Priti Patel and Jacob Rees-Mogg also criticised the tax
More than 50 Tory MPs including former Chancellor Nadhim Zahawi have urged Rishi Sunak and Jeremy Hunt to scrap inheritance tax.
The Conservative Growth Group of 55 MPs, formed by allies of former Prime Minister Liz Truss, will publish a paper on the issue in June to convince the Treasury to abolish inheritance tax in the next budget.
Writing in the Telegraph, Mr Zahawi suggested scrapping the tax and said it was ‘morally wrong’ to take someone’s assets on their death.
He added it was a ‘spectre’ that haunts us ‘alongside death’ and created ‘inefficient distortions’ in personal finance.
Former cabinet ministers Priti Patel and Jacob Rees-Mogg also criticised the tax as ‘unfair’.
More than 50 Tory MPs including former Chancellor Nadhim Zahawi have urged Rishi Sunak and Jeremy Hunt (pictured) to scrap inheritance tax
Writing in the Telegraph, Mr Zahawi suggested scrapping the tax and said it was ‘morally wrong’ to take someone’s assets on their death
Mr Zahawi said: ‘As well as being morally wrong to take someone’s assets on their death, it also creates all sorts of inefficient and damaging distortions in our personal finances, and the wider economy.
‘The Prime Minister and the Chancellor are doing admirable work to help people through a global inflationary spike and war on our continent.
‘By abolishing inheritance tax, they can show that they back families in their desire to pass on their hard-earned savings to the next generation.’
Mr Rees-Mogg also called for the tax to be scrapped, saying: ‘Death duties are an inefficient form of taxation that is unfair and economically damaging.
‘Unfair because it is a double tax on already taxed assets. Economically damaging because it leads to the misallocation of capital, as investments are made to avoid a distortive tax rather than to maximise investment return.’
Former Home Secretary Miss Patel added: ‘People should be in control of their income and have the ability to determine the future of the assets they have worked hard to save and build up during their lifetime.
‘Substantial long-term reform is required and I would encourage proactive steps to support hard-pressed families across our country.’
Mr Rees-Mogg (pictured) also called for the tax to be scrapped and said it was ‘economically damaging’
Co-chairman of the Conservative Growth Group and former Cabinet minister Ranil Jayawardena said: We need to be bold and abolish inheritance tax altogether – no ifs, no buts. It’s a death tax.
‘It’s also a double tax, because it’s a tax on money that has already been taxed. It’s not fair, it’s not Conservative and it’s not very British. It needs to go.’
A Treasury spokesman said: ‘More than 93 per cent of estates aren’t expected to pay any inheritance tax in the coming years – however the tax still raises more than £7billion a year to help fund public services like the NHS and schools.
‘Estates of surviving spouses and civil partners can pass on up to £1 million without an inheritance tax liability – significantly more than the average UK home of £285,000.’
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