Express readers call on Rishi Sunak to abolish ‘disgraceful’ inheritance tax

Graham Southorn shares inheritance tax tips

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

A new poll has shown that this view is shared by 92 percent of readers.

HMRC collected £7.1billion from IHT receipts last year as the £325,000 threshold has been frozen since 2010, meaning thousands more Britons are being affected by the 40 percent tax.

Former Chancellor Nadhim Zahawi wrote in The Telegraph that it is “morally wrong”. He explained: “Inheritance tax is that other spectre that haunts us alongside death.

“As well as being morally wrong to take someone’s assets on their death, it also creates all sorts of inefficient and damaging distortions in our personal finances and the wider economy.”

In a poll that ran from 11.30am on Thursday, June 1, to midday on Friday, June 2, asked readers: “Should Rishi Sunak scrap ‘morally wrong’ inheritance tax?”

A total of 2,249 votes were cast with a whopping 92 percent (2,070 people) answering “yes” compared to just eight percent (171 people) who said “no”. A further eight people said they did not know.

Dozens of comments were left below the accompanying article as readers shared their thoughts on IHT.

Don’t miss…
Inheritance tax – Millions warned of gifting rules when giving to family[LATEST]
Inheritance tax reform pressure mounts – but you can cut bill now[ADVICE]
State pension inheritance explained – what happens to your pension when you die[INSIGHT]

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Many readers commented that IHT should be scrapped, with username Seorsa questioning: “How can double taxation be fair?”

Username DoggyDay agreed writing: “It’s disgraceful that you are taxed on assets you bought with taxed money already! Sick to death of layer upon layer of taxes in this country.”

Username PhilCo58 said: “Yes, abolish it, people have already paid taxes on their property throughout their tenure of ownership, double taxation is immoral.”

However, some readers were wary about the implications this would cause. Username ajay202 commented: “Where would the tax shortfall come from?”

While username Oldreo suggested: “Like tax thresholds, the limits should move with either inflation or possibly house price inflation as the main asset for most people.”

And username Joolsaria added: “It doesn’t even affect the vast majority!”

Source: Read Full Article