Have we already spoken about Reeves' proposed removal of capital gains tax forgiveness at death? I've just read an article about it, and noticed that the proposal is that it will be payable when the asset is sold, not when inherited.
This is being positioned as being so that you don't have to pay it at the same time as IHT.
But does anyone else suspect it's so that CGT will be due on the full multi-generation gain on houses which were a main residence for the parent (and hence exempt) but are not the child's main residence at the time it comes to sell, and so no longer exempt.
Sneaky and dishonest theft from the class enemies middle class so probably Labour's intention.
I'm sure it will be declared 'closing a tax loophole'.
Will this also dovetail nicely with Reeves' proposal to remove CGT exemption for residential property over £500k?