Rishi Sunak to cut inheritance tax in popularity bid

Rishi Sunak is weighing up a reduction to the 40 per cent inheritance tax rate, widely viewed as “Britain’s most hated tax”.

The British Prime Minister’s move is seen as another attempt to help boost the popularity of the Conservative Party, which is currently languishing in polls, before next year’s general election, following his carbon zero reversal on Wednesday, The Sunday Times reported.

That controversial U-turn has seen the Tories’ biggest donor refuse to back the party, with John Caudwell telling The Sunday Times that he was “beyond shocked” at the “madness” and might now back Labour.

Reducing and then abolishing the inheritance tax is part of a series of moves that the Conservatives hope will increase their electoral performance, as the party currently finds itself trailing the opposition Labour Party by more than 15 points in polls.

Rishi Sunak's 'honest' carbon-zero gamble

The inheritance tax rate of 40 per cent currently applies to estates worth more than £325,000, with an extra £175,000 allowance towards a main residence if it is passed to children or grandchildren.

With the Conservative Party conference beginning next Sunday, it is understood that Mr Sunak will announce a reduction of the 40 per cent rate in the March budget. Proposals will also be set out for abolishing the tax entirely in future years.

Billionaire Conservative Party donor John Caudwell has said there is 'no chance whatsoever' he will support the party following Prime Minister Rishi Sunak's U-turn on zero-carbon targets. PA

“This is the most hated tax in Britain, according to the polls,” a political source said. “It’s the most hated tax at every income. People also feel it is just wrong to tax people on income that has already been taxed and at a time when they are grieving.”

However, only a small number of people pay the tax, with government figures showing that just 4 per cent of estates in Britain are eligible.

However, Mr Sunak faces potential trouble after Mr Caudwell, who donated £500,000 ($612,000) to the Conservative Party before the 2019 general election, said there was “no chance whatsoever” of him backing the party after the Prime Minister pushed back the ban on the sale of new petrol and diesel cars by five years to 2035.

Mr Caudwell, who founded the mobile phone retailer Phones4U, told The Sunday Times: “If Rishi sticks to this, would I donate to the Conservative Party? Absolutely not. No chance whatsoever with the decisions they are making at the moment.”

He added that he would support any party that “will do the right thing for Britain”, which could potentially include Labour.

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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Dunki

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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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