Chancellor's inheritance tax plans criticized as half‑baked and half‑hearted

Jeremy Hunt’s “Half‑Baked” IHT Reductions: Nigel Green Calls Out the Tax Tweak

In a breezy yet biting critique, Nigel Green, the CEO of one of the world’s top independent financial advisory giants, slammed the UK Chancellor’s upcoming Autumn Statement as a “half‑baked, half‑hearted” move that leaves voters unimpressed.

What’s on the agenda?

Jeremy Hunt plans to cut the inheritance tax (IHT) rate by 10 percentage points.
Green argues that this is merely a flinching attempt at political woo‑woo rather than a meaningful tax break.
He calls for the complete abolition of IHT, claiming it’s the ultimate voter win.

Why Everyone’s Frowning at IHT

IHT has earned the nickname “the most hated tax” in the UK. Here’s why it has all the right angles to be flogged:

Frozen thresholds and a jaw‑dropping 40% rate hit most families.
Since 2010, the number of homes falling under IHT’s net has more than doubled.
In 2022, roughly 40% of homes sold in England and Wales exceeded the £325,000 tax threshold.
More than just a “super‑wealthy” problem: The selfish‑free‑but‑not‑so‑free‑home that probably means the middle‑class suddenly feels the heat.

Double Taxing the Same Money

Green points out that IHT essentially re‑takes money that families have already paid taxes on. In simpler words: “You’re paying twice for the same pie.” That’s what makes the tax so resented.

Awareness Is the Real Issue

deVere Group’s May survey showed 72% of people over 50 with taxable assets didn’t know the IHT threshold was £325,000. The lack of knowledge is risky because:

Families can be blindsided by a huge tax bill after a loved one passes away.
It fuels the disdain for an “already taxed” tax that digs into what’s left.

Green’s Take on the Proposals

“This is a weak plan,” he states. “Scrapping inheritance tax once and for all would not only be the right thing to do, it would also score historic, popular votes.”