Inheritance tax (IHT) should be scrapped and replaced with a new ‘lifetime receipts tax’ of £125,000 per person coupled with a much lower rate, to smooth out intergenerational financial imbalances, according to analysis from the Resolution Foundation

Certain British overseas territories, including the Cayman Islands and the British Virgin Islands (BVI), are to be required to maintain publicly available registers of the beneficial ownership of companies, as part of new legislation to encourage greater transparency about financial dealings

The Treasury is to go ahead with secondary legislation to support the use of the image clearing system (ICS) for cheques by banks and building societies, which will provide safeguards for users after October 2018, when all cheques are cleared by this method