Why the government shouldn't help people on to the property ladder

Whatever the arguments for changing the IHT rules, helping first-time buyers shouldn't be one of them, says Tom Bulford.

Speaking on Question Time on Thursday night Caroline Spelman, the Chairman of the Conservative Party, explained the reason why her party is now committed to raising the inheritance tax threshold to £1m. It was, she said, to enable first-time buyers to get on the housing ladder. No more and no less than that.

Well, whatever the arguments may be for changing the inheritance tax rules this should not be one of them. Let's be honest for a moment. Raising the IHT threshold is a move that benefits the rich at the expense of the poor.

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Tom worked as a fund manager in the City of London and in Hong Kong for over 20 years. As a director with Schroder Investment Management International he was responsible for £2 billion of foreign clients' money, and launched what became Argentina's largest mutual fund. Now working from his home in Oxfordshire, Tom Bulford helps private investors with his premium tipping newsletter, Red Hot Biotech Alert.