This commentator is correct in renewing calls to simplify the system by scrapping it all together. Capital Gains Tax however is unlikely to be used to offset such a change, given the Tory flagship policy of having raised IHT to £1 million for a married couple.
“It is time to put the nail in the coffin of the hated death tax. Capital Gains Tax (CGT) can perform many of the same functions and we want George Osborne to merge the two. “CGT should be levied when people pass on assets at death but in a much more straightforward and easy-tounderstand way. “This would be affordable for the Chancellor and would send a powerful message that he is committed to take bold steps to simplify Britain’s labyrinthine tax system.” The Daily Express’s hugely popular crusade to scrap the hated inheritance tax is credited with forcing successive governments to increase dramatically what people can leave their loved ones tax-free.