UK MPs press for inheritance tax overhaul

A cross-party group of MPs has recommended radical changes to inheritance tax, with proposals to cut the current "unfair" rate of 40% down to 10% for estates caught by IHT. The All-Party Parliamentary Group on Inheritance Tax and Intergenerational Fairness has called on the UK government to consult on serious reforms to the death duty in a bid to stamp out avoidance from the ultra-wealthy - and ease the burden on the growing number of middle-class families being caught in the tax net. In its report, it also suggested removing tax-free allowances on family homes passed down to childre...