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Should the public subsidise immensely wealthy referendum donors?

A proposed amendment to the Finance Bill could guarantee just that

By Jolyon Maugham  

Arron Banks. Photo: Jonathan Brady/PA Wire/PA Images

Over Christmas, the Telegraph ran a story concerning a bit of our inheritance tax law which taxes gifts—defined as transactions which reduce your financial worth—made by individuals.

That law—which was made by our own parliament many decades ago, before we even joined the EU—is subject to various exemptions including one for charities and another for recognised political parties. But it contains no general exemption for politically motivated spending.

The story was about an application of that law to a number of…

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