There's speculation that Labour is examining the possible benefits of an inheritance tax ahead of its next party conference.

The party has reportedly taken inspiration from Ireland, where people are required to pay a 33 percent tax on gifts or inheritances worth more than €335,000 ($558,00 NZD).

Independent tax expert Geof Nightingale says there's good arguments for the tax - but it's not without drawbacks.

"It can get very complex to administer, because it's based on valuation. It can drive some really unwelcome economic behaviours, because you've got to find cash to pay it - therefore you might sell the family business or realise some assets."

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