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More likely, however, is a root-and-branch reform of inheritance tax and capital gains tax, with the threshold for inheritance duties falling from its current £215,000 to perhaps as low as £100,000.
Before his new appointment, Mr Clement led a group of Social Democratic state premiers talking of putting legislation before the upper house, where the states hold sway, to bring back a wealth tax and increase inheritance duties (both of which go to the states).
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A palace spokeswoman said: "There is an understanding that the sovereign should not pay inheritance duty on property bequeathed by the consort of a former sovereign.
He said the prime minister had had 10 years to come up with plans for reform of inheritance tax, stamp duty, air passenger duty and taxation of non-domicile residents.
Now, there is the added headache of death duties: inheritance tax is currently 40 per cent.
Some issues have existed for decades: land inheritance practices, customary duty of care disproportionately burdening women and exploitative tenancy agreements.
Specialist accountants told the Guardian such offshore registration was a classic method of escaping some or all of three kinds of heavy tax which ordinary homeowners must pay - inheritance tax, stamp duty and capital gains tax.
Funding models are likely to range from the promotion of private insurance and equity release through to a social insurance fund (contributed to via a lump-sum payment at retirement) and an inheritance tax "care" duty.
"So one could opt out of paying your premium but remain part of the scheme – and there would be a charge on your estate payable on your death as part of the inheritance tax care duty".
As the UK government prepares to bring in a 50% top rate of tax and the British consumer is crippled by further extortionate taxes on fuel, stamp duty, inheritance tax, airline charges, alcohol and a myriad of others, is it not time that the electorate asks this question – what is the morality of a country that takes more than half in taxes of what their citizens earn?
And any announcements on the level of income tax are closely watched, as are stamp duty, inheritance tax and business rates.
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Justyna Jupowicz-Kozak
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