Key facts
- Andy Burnham has proposed changes to capital gains tax.
- The proposed changes aim to align capital gains tax with income tax rates.
- The plan includes abolishing the 'tax uplift on death' for inherited assets.
- This could result in bereaved families facing significant tax bills.
- The UK's Ethics and Integrity Commission has recommended lobbying reforms.
- These recommendations follow the Peter Mandelson scandal.
- The commission urges Andy Burnham to implement new laws for lobbying transparency.
- The proposed reforms aim to enhance transparency and public trust in lobbying.
Andy Burnham's potential premiership is under discussion regarding two key policy areas. One proposal focuses on capital gains tax, aiming to align it with income tax rates and eliminate the 'tax uplift on death' for inherited assets. This change could impose significant tax burdens on bereaved families who inherit assets. The current system allows inherited assets to be revalued to their market value at the time of death, meaning capital gains tax is only applied to increases in value after that point. Abolishing this uplift would mean that any gains accrued before death would be subject to capital gains tax upon inheritance.
In parallel, the UK's Ethics and Integrity Commission has put forth recommendations for substantial reforms to lobbying regulations. These recommendations stem from the Peter Mandelson scandal and are intended to bolster transparency and public confidence in the political process. The commission is urging Andy Burnham to enact new laws that would create a more robust framework for lobbying activities, ensuring greater accountability and public scrutiny.