A think tank helping shape Reform UK’s economic agenda is preparing to publish a major blueprint focused on cutting taxes for the rich.
The Centre for a Better Britain is expected to call for inheritance tax to be scrapped altogether and capital gains tax to be gradually phased out, according to people familiar with the draft.
According to Bloomberg, the report is also expected to push for greater freedom for the City to take financial risks, with the aim of encouraging investment and boosting growth.
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Such changes could have a significant impact on the Treasury’s finances. Inheritance tax raised £8.5 billion in the last financial year, while capital gains tax brought in a record £24 billion in 2024-25.
The roughly 200-page report is likely to guide Reform’s economic policies ahead of the next general election – whenever that may be – and is due to be published next Wednesday.
Richard Tice and Robert Jenrick could clash over Reform’s Treasury plans
Dubbed “Big Bang 2.0”, the document takes its name from the major financial deregulation introduced under Margaret Thatcher during the 1980s.
Reform deputy leader Richard Tice commissioned the report last year, setting up four groups to look at regulation, growth finance, tax and pensions.
The work has also involved business figures from sectors including private equity and investment banking.
One of the blueprint’s central proposals concerns the Treasury itself, with the think tank considering whether the department should be split up and its responsibility for economic growth transferred elsewhere in government.
That could create tensions within Reform, particularly with Robert Jenrick, the party’s Treasury spokesman, who has repeatedly argued that the department should retain a clear growth remit.
He made the case for this during Reform’s conference in Birmingham earlier this month.
Jenrick also set out his own tax plans at the conference, proposing to increase the tax-free personal allowance, which he said would benefit millions of people.
He also ruled out further changes to inheritance tax, arguing that it affects only around 36,000 families.