The Liberal Party NEC today expressed concern about the dangerously growing inequality of capital ownership in each new generation in the UK. It called for the abolition of unlimited exemptions and reliefs from Inheritance Tax for land and businesses and for taxation of inherited capital be progressive according to how much is received, in addition to a lowered rate flat tax on what is given or bequeathed.
In line with the party’s traditional constitution calling for liberty, property and security for all, this would finance a gradually increasing UK Universal Inheritance capital endowment for all 25 year old UK citizens with at least one UK citizen parent. No longer will some UK citizens inherit billions or millions free of tax while others inherit no capital at all.