UK Inheritance Tax Surge on Rich Was Mistake, Policy Author Says

One of the architects of the UK Labour government’s flagship crackdown on the wealthy said it was a “mistake” to expose non-doms to an immediate 40% inheritance tax on their overseas assets.

Arun Advani, director of the independent Centre for the Analysis of Taxation, told Bloomberg News he had recommended staggering the introduction of IHT on the super-rich who live in Britain but are not resident for tax purposes. A gradual approach would have stopped many of them leaving the country, he said.