Osborne on Inheritance Tax

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George Osborne proposes to raise the Inheritance Tax limit to £1 million so, as he puts it, the family home is not subject to this tax.

The UK is a country suffering an increasing poverty gap. As example, the proportion of wealth held by Britain's richest 10% has increased from 47% to 54% in the last ten years.

The reason is simple. We do not tax people's houses. As a result they have rocketed in price. Now the only young people who can get onto the housing ladder are those whose parents can help them.

Osborne's tax change would only exaggerate this trend - giving more help to those who already have homes whilst denying those on low income and with no wealth any chance of getting on the ladder at all.

This path leads to economic apartheid between a country of 'have homes' and 'have no homes'. Inheritance tax has been the sole bastion for redistribution of wealth that has helped prevent this outcome. Removing the tax from homes will simply guarantee some will never get one.

Is that what George Osborne calls tax justice? If it is, I don't.

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