Key facts
- A thinktank linked to Reform UK, the Centre for a Better Britain (CFABB), is preparing a policy document.
- Bloomberg reported the document would propose abolishing inheritance tax and phasing out capital gains tax.
- These tax cuts would deprive the Treasury of significant funding, with inheritance tax raising £8.5bn and capital gains tax £24bn last year.
- The CFABB denied the Bloomberg report, stating no unfunded tax cuts or pre-2008 regulatory reforms would be proposed.
- The thinktank is also reportedly proposing deregulation for the UK's financial services sector, dubbed 'Big Bang 2.0'.
- The CFABB was founded by Jonathan Brown, former chief operations officer of Reform UK.
A thinktank with ties to Nigel Farage's Reform UK party is reportedly set to release a policy document that includes significant tax cuts for the wealthiest individuals. The Centre for a Better Britain (CFABB) is expected to propose abolishing inheritance tax and phasing out capital gains tax, according to Bloomberg, which cited unnamed sources. These proposals, if enacted, would represent a substantial loss of revenue for the UK Treasury, which collected £8.5 billion from inheritance tax and a record £24 billion from capital gains tax in the last fiscal year.
The CFABB, founded by former Reform UK chief operations officer Jonathan Brown, is also rumored to be advocating for deregulation in the financial services sector, a move being called 'Big Bang 2.0'. Additionally, reports suggest proposals to break up the Treasury and reassign its economic growth responsibilities.
A spokesperson for the CFABB, however, stated that Bloomberg had been briefed on an 'early draft' and that the final report would not include unfunded tax cuts or a return to pre-2008 regulatory standards. The spokesperson acknowledged inaccuracies in the Bloomberg story but declined to specify which points were incorrect.
The potential tax policy proposals emerge as Reform UK faces scrutiny over substantial donations totaling £72 million from crypto billionaires Ben Delo and Christopher Harborne. Both donors have denied seeking to influence the party's policies. The CFABB, located near Reform UK's headquarters, was previously known as Resolute 1850.