Apparently Osborne is planning to make it possible for a couple to pass estates worth up to £1 million to their children or grandchildren with a new tax-free allowance that will benefit only around 10 per cent of the population.
He will announce it during the same budget at which he will detail his plans to cut a vital £12 billion from benefits paid to the poorest in the UK.
It seems he is trying to start a class war – setting the rich against the poor.
He should know better.
Perhaps he thinks that Middle England is now so tranquillised by a Tory-supporting press that broadcasts nonsense every day, that he can get away with anything and you won’t notice or understand.
Is he right?
George Osborne is planning to use his first Conservative budget to lift all but the very richest households out of inheritance tax on the same day he sets out billions of pounds in welfare cuts.
The move will allow a couple to pass a house worth up to £1m to their children or grandchildren. The chancellor will create a £175,000, tax-free allowance per person for their main property on top of their existing £325,000 allowance that can be applied to all assets.
His intention to lift all but the wealthiest homeowners out of inheritance tax was first revealed when sensitive Treasury papers were leaked to the Guardian before the last budget, which concluded that it would “most likely benefit high income and wealthier households”.
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