Inheritance tax: Expert provides tips on avoiding hefty bill
Inheritance Tax (IHT) receipts generated a record £6.4billion for HMRC in the 2022/23 tax year. A 40 percent IHT rate is charged on an individual’s estate over the threshold of £325,000, and rising house prices and inflation mean that many Britons could find themselves affected. Now, a new Express.co.uk poll has shown 95 percent of readers think it should be abolished.
Former Leader of the Brexit Party Nigel Farage said he does not believe in IHT, criticising the “double taxation”. Speaking on his GB News programme on Tuesday, March 28, he said: “Do you know what is so awful about it? Those who have got real money can financially plan and don’t pay Inheritance Tax.”
He added: “The wealthy don’t pay Inheritance Tax, it is now people in semi-detached houses in London that are now over the threshold. And the Government will rake in more and more in Inheritance Tax over the next few years.
“Inheritance Tax and 40 percent income tax were for the top few percent of the country. Eight million people before long will pay 40 percent or more tax, and huge numbers are being dragged into Inheritance Tax. This is what you get when the state gets bigger and bigger. And I’m not for it.”
In a poll that ran from 9am on Wednesday, March 29, to 10.45am on Tuesday, April 11, Express.co.uk asked readers: “Should Inheritance Tax be abolished?”
A total of 3,415 votes were cast, with the vast majority, 95 percent (3,254 people), answering, “yes”, IHT should be abolished. While four percent (147 people) said, “no”, it should not, and a further 14 people said they did not know.
Dozens of comments were left below the accompanying article as readers took part in a lively debate on IHT.
The predominant argument among readers was in favour of IHT being abolished, with username stevenalanroberts writing: “An immoral tax, you pay tax all your life and what you leave is taxed even more.”
Username ColinKnight said: “Of course, it should be abolished, as its a tax on assets that have already had tax applied during a lifetime. It’s simply an easy tax grab to fill the coffers of an inadequately structured economy.”
And username xl1 added: “Yes, it’s daylight robbery from cradle to grave.”
However, some readers commented that IHT should remain like username shutupayouface1, who said: “I feel it should be retained. I consider the Government to have got this very wrong.”
While username emanuelkant remarked: “Virtually no one pays Inheritance Tax. Abolishing it is just more tax relief for the very rich.”
Source: Read Full Article