Lord Leigh of Hurley
Main Page: Lord Leigh of Hurley (Conservative - Life peer)
Baroness Penn
My Lords, the Government keep the tax system under review and any changes made are taken in consideration of economic competitiveness, levelling up growth across the UK and their impact on individuals and businesses. However, I am not aware of any active consideration of the APPG’s proposals.
Lord Leigh of Hurley (Con)
My Lords, IHT is an iniquitous tax and the noble Lords, Lord Palmer and Lord Wood, have a point, although full disclosure of any schemes has to be made in box K of IHT 100. Will my noble friend the Minister consider taking a look at the two major loopholes? The first is the definition of “business” within BPR and the second is the exemption for non-doms of non-UK assets?
Baroness Penn
My Lords, under the definition of businesses, certain criteria must be met in order to qualify for the exemption. It is restricted to trading businesses which provide goods and services and is not available to those dealing either wholly or mainly with securities, stocks, shares or land.