Calls grow for Rachel Reeves to reform inheritance tax system to raise billions

The proposed banded inheritance tax system aims to close loopholes and ensure a fairer distribution of the tax burden, potentially raising £16 billion for the government.

Reeves is under pressure to reform inheritance and capital gains taxes to help address the UK's growing fiscal deficit, with suggestions that new taxes could raise £2.6 billion annually.

The suggested tax reforms, including a 30% inheritance tax for estates below £1 million and 45% for estates over £2 million, aim to ease working families' tax burdens.

Demos research indicates that with Labour needing £16 billion to avoid austerity, reforms in taxation are crucial, especially after ruling out increases to VAT and income tax.

Read at Business Matters