As a possible separate thread, supposing I were Liberal Chancellor of the Exchequer and had introduced British Universal Inheritance, in order to spread more widely the private ownership of starting-line wealth in each succeeding generation - making the taxation of inheritance and capital gifts a lifetime gain, not a pain, for all who would otherwise inherit less than the national average wealth. All national-born citizens to inherit (at 25) at least 10 per cent of average national wealth (£90,000 in the UK), means tested, subject to and financed by a progressive lifetime Capital Receipts Tax starting at 10 per cent. Drop the 40 per cent rate of the exemption-ridden so-called ‘Inheritance Tax’ to 10 per cent without exemptions and keep it in being for record and withholding purposes. Allow ‘Inheritance Tax’ paid by donors to be deducted from Capital Receipts Tax due from recipients. Exempt intra-generational transfers between partners, spouses and cohabiting siblings.

Would you be prepared, hypothetically, to propose improvements in response to the objections that I would receive?

I would agree with Richard’s suggestions. They seem to me to make sure that people who start up one company, wind it up at very favourable tax rates and start up another one, will get stopped in their tracks. But those who are genuinely in business for the long haul get tax breaks when they sell their business and retire.

M