Submitted on Monday 15th August 2016
Published on Tuesday 16th August 2016
Current status: Closed
Closed: Thursday 16th February 2017
Signatures: 137
Stop the super-rich avoiding tax: set a £40 million cap on money put into trusts
The super-rich can put limitless assets into trusts so that their beneficiaries pay only a fraction of the taxes they would otherwise owe. We've seen this recently with the 7th Duke of Westminster, who will avoid paying £3.6 billion inheritance tax. A £40 million cap would stop this.
It's not illegal for the super-rich to put these assets into trusts but it deprives the Treasury of significant income. The 7th Duke's unpaid contribution could have built 40 hospitals (at £90 million per hospital, including equipment and infrastructure) and would have represented almost 80% of the total inheritance tax paid to HMRC in 2015-16. The £40 million cap is based on the BBC's figure (January 2015) that to join the super-rich you need to be worth $50-$100 million.
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