We’ve heard recently how political parties are trying to grapple with the problem of inheritance tax affecting middle class families “affected” by property price rises rather than the “super rich” it was supposedly intended for.

Might I float a possible solution? Instead of a cash tax payable on inheritance of an asset, estates could split the property, passing a 99 year leasehold onto the beneficiaries of the estate and the freehold into a community land trust so that eventually the value and control of that land will pass back to that community.

This is after all how the “super rich” have mitigated their inheritance tax, through that august body the National Trust, for many years.

Most land price change has nothing to do with the current occupiers of that land, and everything to do with public policy and spending such as planning consent or the building of local infrastructure at public expense.

More crucially, land value is a “zero sum” game. Rising land values directly exclude whole swathes of a new “landless” class as a result. It is surely right that such inequity be redressed periodically. When better than at inheritance time? This method will at least not immediately harm the beneficiaries or force them to sell the family home.

Over a few generations such a mechanism could properly redistribute unearned wealth better than inheritance tax ever could.