Should Inheritance Tax Be Cut Or Even Abolished?

[dave50]

I agree in principle that it is an unfair tax and should be cut or abolished. However I don't think it would be the vote winner that some think as it only affects a small percentage of the population. It would look bad and looks are everything and give lots of ammunition to the labour party, a lot of which would stick. Better would be to raise tax allowances substantially.

[bobbinwales]

Or leave it alone ... any cuts will be seen as helping the better off keep money in there better off families. Only 5% actually pay it and ots easy to avoid anyway. There's other priorities.

[barry1010]

Yesterday it was stated that just 3.4% of the population will pay it this year, although The Telegraph claims it will be 6%.

It raises an awful lot of money paid mainly by the very wealthy.  I know some families have suffered due to the tax, though.

 

[bhg481]

Since the government needs so much money to run the country would you rather they took your share whilst you're alive or dead?

[david small]

Lies, and more lies attempting yet again to lure the sucker votes. My family fell for it once and hoped accordingly. One million pounds tax robbery later.....

[Old_Geezer]

I think it unfair that someone can get massive advantage or disadvantage just because they were born into a rich or a poor family, so I'd not support abolishing it completely. But it needs to be set up so those who manage to extract massive amounts of the nation's wealth for themself get to pay much of it back, while the majority, i.e. those accumulating a reasonable amount due to their own effort and prudence are allowed to leave it as a gift to whomever they wish (within reason). The trick is to get the levels and percentages right.

[naomi24]

Abolished.  

[ToraToraTora]

davidsmall: "Lies, and more lies attempting yet again to lure the sucker votes." - can you point out the "lies" please.

[ToraToraTora]

abolish it, the money has already been taxed once anyway.

[mushroom25]

is it a coincidence that the cost of scrapping inheritance tax exactly matches the cash to be saved by scrapping HS2 phase 2A?

[david small]

The lie being the promise to scrap inheritance taxes. Ex Tory chancellor of the Exchequer misled voters. George Osborne for one.

[ToraToraTora]

"The lie being the promise to scrap inheritance taxes" - I have never heard of a "promise" do you have a link to anything on that?

[tomus42]

The Tories are getting desperate for votes in the next election. This and Bravermans recent speech about reclassifying the term asylum seeker is electioneering.

There's sure to be a good reason neither of these aspirations actually happens should they be in a position to implement them.

[jno]

I can't recall the details but I think Osborne promised to raise the level on  inheritance tax to property worth over £1mn, but didn't do it. Of limited use to me, even my little flat is worth more than that, being in suburban London and all. But I'm paying some of jno jnr's bills now, to lessen the amount he'll inherit later.

[douglas9401]

"abolish it, the money has already been taxed once anyway."

 

You've not been paying attention to various tax and duty regimes across society.

[johnny.5]

it,s a dead giveaway 

[rowanwitch]

Maybe instead of a  tax an option to designate say 15% of the estate to a major charity.  Maybe there could be a government approved list ( removing the option of setting up a charitable trust to channel money back to the other beneficiaries).  Money would still benefit society,  it would not be available to fund politically motivated schemes and it could be more palatable to those involved.