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Tilney: Half the public want IHT to go

Nearly half of all British adults think that there should be no tax at all on assets after a person dies, acccording to research commissioned by Tilney.

The financial planning and investment management group asked YouGov to survey 6,000 adults, finding that 47 per cent opposed all inheritance tax, compared to 41 per cent who thought it should only apply above a certain threshold and 3 per cent that think it should apply on all assets.

Adults aged 45-54 and women were more likely to oppose taxation of any assets than younger age groups.

The only group where taxing all or a proportion of assets was more popular than zero estate taxes was among the 18-24 year olds.

Across all respondants, 20 per cent though a threshold of £500,000 to £599,999 would be appropriate for taxes to apply, the most common level ahead of £1m or over, which was favoured by 16 per cent.

Both are higher than the current nil rate inhertiance tax band of £325,000.

Tilney head of estate planning Ian Dyall says: “The chancellor announced at the beginning of the year that he had asked the Office of Tax Simplification  to conduct a major review of IHT including looking at gifting allowances.
While I always welcome the principle of simplification, too often it leads to a new tax regime, and with Mr Hammond running out of options to generate funds for public service spending commitments, I fear next week’s Budget could turn the screw on taxing estates on death.
“The figures from our survey suggest that any moves to increase IHT receipts under the cover of ‘simplification’ will be an extremely unwelcome decision.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. All Taxation Is ALWAYS unpopular.

    If he reduces revenue, will he cut spending, tax something else or increase borrowing.

  2. I see that a significant proportion of the public are against IHT. They as ever have their heads in the clouds:

    1. If you are really worried (and I always told clients “Why are you worried, you’re not paying it”) then go and seek some decent advice. There are ways to mitigate the tax.
    2. It won’t disappear. The Government (any Government) never has enough money. We are in debt up to our eyebrows. Just consider one example. They are pushing heavily for electric cars. Then what? What happens to Petrol Duty? That will significantly decline. Just consider that current receipts from Petrol taxes is around £27.9 billion. The total receipts from IHT is £5.2 billion. It looks to me that it is more likely that IHT will increase rather than reduce to help fill the petrol duty shortfall.

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