8 February 2012
Historically, those outside the tax world talk about tax in relation to rates – but rarely in relation to tax policy. However, some tax policies do excite public interest. The best recent example is inheritance tax, where George Osborne’s announcement in opposition that he’d raise the exempt amount to £1m killed the idea of a snap general election and forced the government to introduce its own reforms, almost overnight. Tax experts may wonder how on earth a tax paid (at the time) by just 5% of estates could have such a large impact.