keep The Inheritance Tax (Indexation) Order 2001
The Inheritance Tax (Indexation) Order 2001 mechanically updates the monetary thresholds in Schedule 1 of the Inheritance Tax Act 1984 for chargeable transfers on or after 6 April 2001, adjusting figures to account for inflation. It explicitly preserves parliamentary discretion by stating 'unless Parliament otherwise determines'.
Unlike gold-plated EU regulations or restrictive planning/competition rules, this Order performs a benign mechanical function: preventing fiscal drag by adjusting tax thresholds for inflation. Without it, families would face unexpected inheritance tax liabilities as asset values naturally inflate. The explicit 'unless Parliament otherwise determines' clause preserves democratic accountability. Deletion would cause more harm (sudden tax bills on inflated assets) than keeping a transparent, inflation-adjustment mechanism.