Member

In Committee, I spoke in similar terms. The Minister was fairly new to his place then, and perhaps the scope of what I was asking for had not quite landed, but he has had some months to consider this. One of the issues that he raised then was a worry about risk. Back in 2003, HMRC negotiated the IHT423 scheme with institutions on cash-based accounts, because the only place the money can go is from that institution to HMRC’s bank account. I certainly hope that that is not a bank account of risk, and I am sure it is not. In 2024, HMRC negotiated with the other institutions to expand the ability to use the IHT423 scheme to a far wider range of investments. HRMC negotiated it, and it does not feel that this is an area of risk.