In the week after the publication of the Sunday Times Rich List, what are the political parties going to say and do about extreme inequalities of unearned inherited wealth in the next generation of our so-called Opportunity Society. Do they think it is right that some will inherit billions free of tax thanks to exemptions and reliefs for land and businesses while others inherit no capital at all?
All parties should determine to introduce and gradually increase over the years a UK Citizen’s Universal Inheritance for all 25 year old UK citizens with a UK citizen parent, at a politically appropriate level, financed and clawed back from the more fortunate by a progressive tax on cumulative lifetime receipt of capital gifts and inheritance. This would encourage the wider spread of giving, on which the rate of the so-called ‘Inheritance Tax’, retained for cross-referral, could be dropped from 40% to 10% for giving to UK tax payers, without the current absurdly unlimited exemptions and reliefs for land and businesses.
This is the policy of the continuing UK Liberal Party, whose traditional constitution calls for liberty, property and security for all.
Member, Liberal Party National Executive Committee
Director, Campaign for Universal Inheritance