The UK Chancellor should scrap inheritance tax (IHT) and replace it with a radical new alternative to raise more revenue and help pay for the cost of Covid-19 support measures, according to a survey of over 500 professionals who advise families on inheritance planning. 

Some 57 per cent of professionals including solicitors, tax advisers, financial planners and accountants who took part in a recent STEP survey support proposals by MPs for the current IHT regime to be replaced with a simpler flat rate, with far fewer reliefs and exemptions. The respondents represent clients from all levels of the wealth scale, including middle income families whose home is their main asset and therefore are affected particularly adversely by IHT.

Overhauling IHT is more popular as a revenue raiser than either a one-off wealth tax or an annual wealth tax, with 36.2 per cent of respondents favouring the IHT route while the other options are preferred by 29.04 per cent and 12.88 per cent respectively. The findings come ahead of “Tax Day” on 23 March, when the Government is due to consult on a series of big tax changes.

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