With the Autumn statement set for November 22nd, the Treasury has been stepping up their preparations ahead of the big day, and although Number 10 has made headlines briefing in advance that inheritance tax is to be scrapped, the briefings might not be all they seem. Guido’s aware of a Treasury document in circulation with discussion points surrounding the policy. The briefing was on the topic of ‘closing the inequality wealth gap’… not something that often motivates people to vote Tory.
Although abolishing inheritance tax did get a mention, alongside additional penalties for the evasion of business rates and council tax, it was another bullet point which caught Guido’s attention. The Treasury is discussing increasing capital gains tax on property.
Rachel Reeves has even said Labour have “no plans” for either a wealth tax or capital gains rise – Guido’s starting to see why they’re 20 points ahead in the polls. The scrapping of inheritance tax was mulled as a pitch to Tory-leaning voters. If it’s coming with an increase in property taxes it certainly won’t win back voters in the Blue Wall. Or any Tory seat for that matter…
UPDATE: Treasury source insists this “ain’t happening” and this is not where the Chancellor’s head is at.