Ballot exhibits overwhelming assist for cuts to ‘abhorrent’ inheritance tax
Inheritance tax (IHT) is a 40 p.c cost on a person’s property that exceeds the £325,000 tax-free threshold. Many Britons have discovered themselves affected by IHT because of excessive inflation rising the entire worth of property and property. HMRC generated £7.1billion from IHT receipts in the year to March 2023, a £1billion enhance on the earlier yr.
Now, a new poll of Express.co.uk readers has discovered {that a} staggering 95 p.c assist IHT being decreased.
Writing for thisismoney.co.uk Simon Lambert known as for IHT to be halved to twenty p.c in a “long due” overhaul.
He defined: “My argument is that a 20 percent charge feels far more reasonable than a 40 percent tax and this greatly reduces the incentive to avoid inheritance tax and creates less of a reason to hate it.
“And hate it, we do. Inheritance tax has long laid claim to the dubious title of Britain’s most hated tax, regularly winning polls of the levies people dislike the most.”
READ MORE: Inheritance tax expert explains pensions and gifts rules
In a ballot that ran from 2pm on Friday, May 19, to 11.30pm on Monday, May 22, Express.co.uk asked readers: “Should inheritance tax rate be cut to 20 percent?”
A complete of 1,353 votes have been obtained, with the overwhelming majority of readers, 95 p.c (1,292 individuals) answering “yes” it ought to be decreased, whereas 4 p.c (58 individuals) stated “no”, and simply three individuals stated they didn’t know.
Dozens of feedback have been left beneath the accompanying article as readers discussed their thoughts on IHT.
The predominant view shared by readers was in assist of the IHT charge being decreased, with username astianax commenting: “A reduction to 20 percent is a good beginning with the aim of getting rid of this so-called ‘death tax’.”
Other readers agreed that IHT ought to be abolished. Username Worldwatcher remarked: “The inheritance tax should be totally eliminated. Taxing the property of the dead is not only immoral, it is abhorrent!”
And username ValBrooker stated: “Inheritance tax is a crime against humanity. It shouldn’t exist at all.”
Yet a minority of readers expressed concern concerning the revenue generated by IHT, with username ajay202 explaining: “Where would the tax loss be funded from? Or what public services would we agree to reduce?”