Sweden said goodbye to inheritance tax almost two decades ago, making it the first country to kill off the tax under a social democrat government.

Mr Ydstedt added that the abolition of the tax had massively reduced the administrative burden on the Swedish tax authority. “They have much less work to do because the levy was one of its most complicated taxes,” he said.

“After we abolished inheritance tax, the removal of wealth tax followed a few years after. Yet while we have lower taxes, we have increased tax revenues – it shows that if you abolish a stupid tax that is complicated and forces wealthy people to leave the country, you get more tax revenue when they return. That is the Swedish experience.”

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