Wealthiest 1% would get average tax cut of £1m if inheritance tax scrapped

PA Wire

The wealthiest 1 per cent would get an average tax cut of £1m if the inheritance tax is scrapped, the Institute for Fiscal Studies has said.

According to an IFS report, the cost of abolishing inheritance tax would be £7bn, with the wealthiest benefitting from an average tax cut of around £1.1m.