Nigel Farage has pledged to abolish inheritance tax if Reform UK was ever in power.
Farage told GB News: “Inheritance tax is double taxation. People have paid tax on this already – why on earth, when they die, should they be taxed again?
“We would get rid of inheritance tax. It’s a really nasty tax and it hits people at the most unpleasant part of their lives. They’ve just lost their parents and suddenly the taxman is after them. So we would get rid of inheritance tax.”
Farage was speaking at a protest against Labour’s tax of 20% on agricultural land and businesses worth more than £1 million.
James Ward, head of private client at law firm Kingsley Napley, said: “Nigel Farage may think his promise to abolish IHT is a vote winner, with an increasing number of estates being hit by unreformed IHT thresholds. But he hasnt said where he would expect to make up the £8.3bn shortfall in revenue to the Treasury that the OBR forecasts this tax will deliver this year 2024-5
“Interestingly our recent YouGov poll on IHT (see below) showed support for the idea of abolishing inheritance tax altogether actually fell last year versus the year before, probably because most people recognise the dire state of the public finances.
“Whilst it is a deeply unpopular tax that many would rather not pay, I imagine most are realistic that a complete abolition is unlikely to happen any time soon. In fact, a good result on IHT at the moment would probably be that Rachel Reeves doesn’t look to increase it in her Spring Statement given the huge pressure she is under to find cover for a rise in defence spending.”
