Should we abolish inheritance tax, cut the 40% rate, or hike the threshold?
- On May 17, 2023
- By GrowthInvest Marketing
Inheritance tax is hated even though the overwhelming majority of people aren’t rich enough for it to be levied on their loved ones.
Perhaps it inspires such loathing because it’s a tax on death, property and the natural desire to pass wealth down the generations, all wrapped up into one.
The 40 per cent rate is also drastically high if you have amassed enough assets to be liable for it on a big chunk of them, and the house price boom plus frozen thresholds are expected to drag many more families into its net in coming years.
So, given its unpopularity, what would be the best way to ease the burden of inheritance tax – perhaps raise the threshold, or cut the rate levied, or just abolish it altogether.
Or is it a disagreeable necessity to keep the public finances afloat – ditching it would forfeit £7billion a year – or a fair tax on the wealthiest that should be let alone, or even made tougher.
We asked money experts to debate the pros and cons of overhauling inheritance tax below. And if you have strong feelings on this one, there is a poll giving you a say below.
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