But selling those shares creates a second tax bill. Any increase in value after July 1, 2027, is taxed separately in the estate. Instead, it falls under the new rules, with limited indexation and probably a minimum tax rate of 30 per cent. By the time both tax bills have been paid, it would not be surprising if around one-quarter of the portfolio had disappeared. Instead, a substantial part of the family wealth is lost in tax because the law changed after he retired.