AT LEAST there are some lengths the British government won't go to in pursuit of its obsession with inheriting property. Earlier this month, George Osborne, in a Budget that revealed big cuts to welfare, found room to increase the inheritance tax limit, not for wealth-creating businesses but for residential property. There was no economic justification for this move, just an attempt to consolidate the vote among middle-class and elderly voters. This followed such electoral goodies as the triple lock system for state pensions and the granting of pensions "freedom"—admittedly a potentially poisoned chalice for those who take it up.
Another electoral promise was to cap the costs of long-term care for those forced to go into nursing homes. The recent Conservative manifesto promised that it would "make sure no one is forced to sell their home to pay for care." Yesterday, however, a Parliamentary statement said...Continue reading
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