Sunday Times - "David Miliband, the schools minister, and his brother Ed, the chancellor’s economic adviser, are set to avoid paying thousands of pounds in tax through an Inland Revenue loophole which the Labour party pledged to close. "
The Sunday Times has learnt that after Ralph Miliband, the Marxist father of David and Ed, died in 1994, he transferred almost all his assets, including homes in London and Oxfordshire, to his wife.
However, after taking professional advice, the family is understood to have posthumously rewritten his will to give 20% of the London home to both David and Ed.
David has declared a “20% share of family home in London” on the MPs’ register of interests since 2002.
This scheme is called a “deed of variation” and was highlighted by the chancellor in opposition as an unacceptable way in which the wealthy avoid paying death duties.
A Curious Case...
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