Over the past year, Demos has been leading on a major piece of work, supported by abrdn Financial Fairness Trust, around inheritance in the UK. We found that we are in the midst of a ‘New Age of Inheritance’, where over £100bn in inheritance and gifts are being transferred between generations. Our latest report, Winning the Argument, found a nuanced set of attitudes towards inheritance and taxing it.
Unlocking Inheritance is examining what the new age of inheritance means for both the Conservative Party and the Labour Party. Today we launch Nothing to Fear: The Labour Party and the New Age of Inheritance, which follows Lost Ideals: Conservatives in the New Age of Inheritance published earlier this year.
This paper takes a look at inheritance taxation through the lens of Labour’s core values over time. It considers the future of the tax in the context of today’s changing political and economic climate and sets out a number of policy priorities that Labour should consider ahead of the next general election.