UK Money News
15th April 2008
Brown announces inheritance tax plans
Gordon Brown has been urged to support reforms to inheritance tax advocated by prominent Labour MPs, academics, and trade unionists.
The authors of a Fabian pamphlet, printed in the Guardian to coincide with the campaign, condemned the "panic-driven surrender" signalled by the pre-budget report.
Chancellor Alistair Darling announced a rise in the threshold for married couples to £600,000 for married couples, which came after the Conservatives pledged to help improve personal finances by increasing the figure to £1m.
The pamphlet states: "Inequality in financial inheritances contributes to overall inequality of opportunity.
"The taxation of wealth transfers across the generations is a vital democratic principle, without which we cannot make good on the promise of equal opportunity."
The pamphlet - entitled How to Defend Inheritance Tax - has won support from the Labour chairman of the work and pensions select committee, Terry Rooney, in addition to Julian Le Grand and Roger Liddle, former advisers to Tony Blair. The general secretary of the TUC, Brendan Barber, and Fiona MacTaggart, Labour MP for Slough, also support the plans.
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