Andy Burnham's Wealth Tax Plans Could Hit Grieving Relatives with Sharp Rise in Inheritance Tax

The potential wealth tax plans of incoming Prime Minister Andy Burnham could have far-reaching consequences for grieving relatives, who may face a sharp rise in inheritance tax.

The Labour leader has been studying proposals that would hammer the rich, including a super-rich tax and an exit tax on those trying to flee to a country with lower taxes.

The plans, which are part of a package of wealth taxes, could raise £1.9 billion per year by increasing inheritance tax from 40 to 50 per cent.

In addition, higher taxes on smoking, drinking, processed foods, and gambling could raise more than £10 billion.

The idea is modelled on the wealth tax which applied in France until 2018, and financiers fear that a Burnham Government would address the argument about capital flight by imposing an exit tax on anyone trying to flee to a country with lower taxes.

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