SNP calls for devolution of inheritance tax to close ‘loopholes’

Alison Thewliss

In the financial year 2016-17, £283m was raised in Scotland – with receipts growing 12 per cent over the preceding decade.  

However, the SNP claimed that loopholes in the current UK system are being exploited by tax advisors to minimise payments made by their clients.

These include buying shares in the alternative investment market which reduce inheritance tax dues through business property relief, despite the tax break being designed only to apply to the inheritance of family businesses.

SNP Westminster treasury spokesperson Alison Thewliss MP said: “The current system of inheritance is not fit for purpose with loopholes allowing the wealthiest individuals to avoid paying their fair share.

“The UK government had to be dragged into accepting Magnitsky Powers to sanction international human rights developers and reviewing the structure of Scottish Limited Partnerships which are being used as money laundering vehicles.

“The Tories can’t be trusted on inheritance tax. It was the former Chancellor George Osborne who appeared to advise Daily Politics viewers on how to avoid inheritance tax as a backbencher in 2003.

“With Westminster having repeatedly failed Scotland on this issue, it is high time inheritance was devolved so that the Scottish government could deliver a system designed to meet Scotland’s needs.”