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The debate around inheritance tax on farms is heating up, but crucial facts and context are often missing Check out my piece for LabourList on what to know about the changes👇

If arguing this, you have to face the trade-offs. If we scrap inheritance tax, we either need to: 1) Raise another tax, likely shifting the tax burden from the wealthiest 1% (who pay >half of IHT) onto poorer ppl 2) Cut public spending or borrow £7bn (but no one wants this⬇️)

Big day for reasoned debate on farms/inheritance today - a debate undermined by BBC News (UK) repeatedly and wrongly reporting as fact that “farms worth more than £1m would have to pay inheritance tax”. This is just flatly wrong in vast vast majority of cases

Our research echoed this. Talking about 'millionaire farmers' makes it personal & the public feel it's the politics of envy But the public do care deeply about fairness & removing loopholes. The tax break for farms was used as a loophole & getting rid was needed to make it fair

Clarkson claiming 96% of farms will pay inheritance tax after the Budget changes... He admits the figure is made up, but it's in a completely different ballpark Current data suggests it will be maximum 27%, but probably more like 7%...

It needs to be said again... it's not the value of farms that matters for inheritance tax, it's the value of estates. One v wealthy estate can own many farms, and escape tax on all that wealth Journalists: use the HMT numbers, not the DEFRA numbers (see below)

She only has to say this b/c lots of people are incorrectly using the DEFRA figures, which relate to farm size rather than estate value. But for inheritance tax we should be concerned only with estate value (and e.g. one wealthy landowning estate may own 10 farms)

Classic meaningless poll that asks people about a tax cut with no consideration of the trade offs. This one even gives the argument in favour. If I ask people whether the government should spend £7bn on X or Y, chances are they'll agree, because it presents a world of free money

I've been leading Demos's Future Public Services Taskforce for the past year. On Wednesday we launched our blueprint for public service reform alongside Georgia Gould, Cabinet Office Minister for public sector reform. Quick thread on our proposals... 1/

The Autumn Budget saw historic changes to inheritance tax - but what does that mean and what more is there to do? I had a lot of fun discussing these questions with Mubin Haq for the abrdn Financial Fairness Trust podcast 👇

The Autumn Budget saw historic changes to inheritance tax... but what does that mean and is there more to be done? I really enjoyed discussing these questions and more with Mubin Haq for the abrdn Financial Fairness Trust podcast. Check it out below👇

Is inheritance tax the most hated tax? Why are farmers up in arms about recent changes? That and much more on inheritance tax is discussed on the latest abrdn Financial Fairness Trust podcast with David Sturrock Institute for Fiscal Studies and Dan Goss Demos Lister here: buff.ly/4iIHp8q

Our CEO Mubin Haq caught up with Dan Goss from Demos and David Sturrock at Institute for Fiscal Studies on our latest podcast where they dug into the recently announced changes to inheritance tax and public attitudes towards them. Listen to the full episode buff.ly/4iIHp8q

- Budget tax rises raising £36bn(!): 18% of Labour defectors say it's a reason they won't vote Labour - Cut winter fuel payments raising £1.5bn: 35%(!) of defectors say it's a reason won't vote Labour The public really, really do not like spending cuts!