BUDGET 2010: Govt freezes IHT threshold for four years
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Chancellor Alistair Darling has announced Government is freezing the Inheritance Tax threshold for four years.
Speaking at today’s Budget, Darling said the £325,000 threshold will be frozen until 2014.
He said the move will help Government achieve its estimated £19bn reduction in borrowing.
Vantis head of private clients Chris Maddock says: “If the Chancellor had raised Inheritance Tax from 40 per cent to, say, 50 per cent this would only have increased the revenue to the Treasury by £500m.”
He adds: “Freezing the Inheritance Tax threshold for the next four years is a far less overt tax rise than raising the actual rate, but with inflation currently at 3 per cent, this will increase the tax take as more taxpayers become ensnared in the longer term.”
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Readers' comments (2)
Anonymous | 24 Mar 2010 2:48 pm
Fair enough!. Lets not forget a couple gets double this amount. Money for the elderly has got to come from somewhere.
What concerns me though is that it's the high achievers that continually get taxed more and more. When we get born to this earth there is no rule that those who can't be arsed have to be supported by those who work extremely hard.
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David Trenner | 25 Mar 2010 7:32 am
"What concerns me though is that it's the high achievers that continually get taxed more and more. When we get born to this earth there is no rule that those who can't be arsed have to be supported by those who work extremely hard."
If only high earnings were equated with hard work! If only all of those who can be arsed could get well paid work!
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