'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.

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

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

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

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“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?”

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

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

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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.

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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.

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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.

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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.

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

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

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

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

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

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

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

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

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

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

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WorldbyWolf commented: “Wow. Big swings against IT!

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

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

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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.

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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.

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