Reform UK Thinktank Proposes Major Tax Cuts for Wealthy 2026

A thinktank linked to Nigel Farage's Reform UK is reportedly preparing to call for big tax cuts for the rich, as part of a 200-page policy document set to be published next week. The Centre for a Better Britain (CFABB) is expected to propose abolishing inheritance tax and phasing out capital gains tax, according to Bloomberg. These measures would significantly benefit the UK's wealthiest taxpayers.

What the CFABB Report Proposes

The CFABB, founded by former Reform UK chief operations officer Jonathan Brown, is said to be finalizing a report that outlines economic policies likely to form part of Reform UK's platform before the next election. The proposals include:

• Abolishing inheritance tax, which raised £8.5bn last year.
• Phasing out capital gains tax, which brought in a record £24bn in 2024-25.
• Cutting regulations for financial services, dubbed 'Big Bang 2.0', referencing Margaret Thatcher's 1980s deregulation.
• Breaking up the Treasury and moving its economic growth responsibilities to another department.

These measures are aimed at stimulating economic growth by reducing the tax burden on the wealthy and reducing government interference in the financial sector.

Potential Impact on the UK Economy

If implemented, these tax cuts would deprive the Treasury of significant revenue. Inheritance tax and capital gains tax are lucrative sources of funding for public services. The table below compares the revenue generated by these taxes and their proposed changes.

Critics argue that such cuts would primarily benefit the rich and could lead to reduced funding for essential services like healthcare and education. Supporters, however, contend that lower taxes would spur investment and economic growth.

Political Context and Reactions

The CFABB report is seen as an attempt to influence Reform UK's policy direction. A spokesperson for the CFABB said Bloomberg appeared to have been briefed on an 'early draft' that did not reflect the final report. This suggests the proposals may still be subject to change.

Reform UK has been gaining traction in recent polls, and these policy proposals could shape its appeal to voters. However, the focus on tax cuts for the wealthy may polarize the electorate, especially amid ongoing debates about inequality and public spending.

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