PBR: Chancellor plans to double IHT threshold for couples

Labour Chancellor Alistair Darling delivered his first pre-budget report this afternoon, promising to...

Labour Chancellor Alistair Darling delivered his first pre-budget report this afternoon, promising to close the tax loopholes exploited by private equity, cut corporation tax and raise the IHT threshold to £700,000 by 2010. He also responded to Tory proposals to charge non-domiciled UK businesses a flat rate of £25,000 to cover the abolition of IHT. Darling said by his calculations, there are only 115,000 qualifying non-domiciled taxpayers, and in effect the Conservatives had underestimated a £2bn shortfall. He also intends to raise the inheritance rate for couples from £300,000 to £700,...