allowances

Chancellor Rachel Reeves has said in some cases, the APR threshold could in practice be about £3m, where other IHT allowances also apply.

They have made too many allowances for him in this process and at times it has become farcical watching his attempted defence unfold.

There are a number of exemptions, as well as allowances for passing on a home to children, or grandchildren.

The new government’s plans to increase and extend windfall taxes while reducing investment allowances was clear in the Labour manifesto.

That downward trend is likely to accelerate if the Labour government in Westminster discourages further drilling with a higher windfall tax, reduced investment allowances, and no further licences.