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Reform 'contract' - income and inheritance tax

ended 17. June 2024

Reform has just published its ‘contract’. It says it will lift the Income Tax Start Point to £20,000 Per Year, which would free up to 7 million people from paying Income Tax and saves every worker almost £1,500 per year. Basic Tax rate stays at 20%. The higher rate should begin at £70,000. In terms of IHT, it says it will abolish Inheritance Tax for all Estates Under £2m. That means some 98% of all estates. The rate above £2m will be 20% tax, with the option to donate to charity instead. Any thoughts, send them across ASAP as this story is BREAKING.

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Editor
Scott Gallacher
Director at Rowley Turton
In a perfect world, we would welcome higher allowances and the ability to pay less tax. However, there are serious questions about the affordability of Reform's tax plans. Consequently, we would be concerned about the potential repeat of a Liz Truss mini-Budget style debacle and the impact that would have on interest rates and mortgage borrowers in particular. Currently, we're not convinced any party is being entirely honest with the voters about the state of the country's finances.