‘We want an overhaul’ – New ballot reveals majority of Brits oppose inheritance tax

In immediately’s ballot of greater than 113,000 folks on Twitter 72 % of individuals stated they had been “against” the tax.

Amongst respondents aged 40 and over, 44 % of individuals stated they had been “against inheritance tax”, in contrast with 16 % in favour of it.

Among these below 40, 28 % of these polled stated they didn’t help the levy and 12 %.

Mr Lewis tweeted: “Do you believe in the concept of inheritance tax?

“Forget the specifics/rate, but in general, is it more a valid equaliser worth doing as it raises fund [sic] while reducing perpetuated inequalities of inherited wealth, or an unfair tax on money already taxed?”

He then posted a follow-up ballot, asking Twitter customers how usually inheritance tax is paid.

The client champion stated: “I want to know what percentage of UK deaths in a year you’d think involved someone paying inheritance tax?”

More than 43,500 folks replied to the second ballot with the bulk (virtually two-thirds) saying they believed at the least 10 % of deaths resulted in an inheritance tax invoice.

A fifth (18 %) stated they thought it affected greater than half of all deaths and one other fifth (19 %) stated they thought the share was 26pc to 50pc.

Just over 1 / 4 (27 %) voted for 10 % to 25 %.

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Daily Telegraph experiences that 37 % received the suitable reply, by guessing that the levy was paid in lower than 10 % of deaths.

Mr Lewis responded by quoting the most recent official statistics which present that 4 % of all UK deaths resulted in an inheritance tax cost within the 2019-2020 tax yr.

This is up by 0.02 share factors on the earlier yr.

He identified that this was the primary time there had been a rise on this proportion because the 2016-2017 tax yr.

But it’s possible that hundreds extra households can be caught by the tax because the £325,000 threshold stays frozen.

The allowance has not risen since 2009 regardless of years of inflation and home value progress.

Twitter customers commented on the impression it’ll have on their households.

Tom Talks Money wrote: “That money has already been taxed. I want to work hard & leave my kids something to be proud of.

“The Government has spent more than it earns in 39 out of the last 45 years!

“Maybe if they controlled their spending better we wouldn’t need to be taxed so much.”

And ForcesOfNatur3 responded: “Agree. The entire system desperately requires an overhaul.

“Raising taxes is an outdated and unsustainable way of raising revenue.”

WorldbyWolf commented: “Wow. Big swings against IT!

“Turns out people either want to inherit what their parents have or want to pass down what they have to their kids.

“Common sense really. Most people are against double taxation.”

HMRC collected £7.1billion from inheritance tax receipts last year because the £325,000 threshold has been frozen since 2010, that means hundreds extra Britons are being affected by the 40 % tax.

A bunch of 55 Conservative MPs have referred to as upon Prime Minister Rishi Sunak to abolish inheritance tax (IHT). The Conservative Growth Group is because of publish a paper later this month with the hope of persuading the Treasury to scrap the levy.