I mentioned yesterday that the IFS did not appear to think that wealth was a basis for charging tax. Now I know why. This is what the they say in their report on Taxation of Wealth and Wealth Transfers:
Given that the justification for double taxation is arguable and that inheritance tax currently raises less than [...]
Reuters has reported that:
A group of Labour MPs and academics has challenged Gordon Brown to get tough on inheritance tax (IHT), calling it a vital tool to reduce social inequalities.
Quite right.
SHARETHIS.addEntry({ title: “Inheritance tax is essential”, url: “http://www.taxresearch.org.uk/Blog/2008/04/15/inheritance-tax-is-essential/” });
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Executive summary
A massively missed opportunity. The last thing we should expect from a Labour Chancellor. A political mistake - an admission that the Tories are indeed setting the agenda, and entirely for the benefit of their natural supporters.
Inheritance Tax
The one clever move in the PBR was to allow couples to use each others allowances. It [...]
There’s a very good defence of Inheritance Tax under the above title in the New Statesman, written by Martin O’Neill.
Recommended.
SHARETHIS.addEntry({ title: “Death and taxes”, url: “http://www.taxresearch.org.uk/Blog/2007/10/09/death-and-taxes/” });
I am bemused by the Observer’s Cash section. This week they launched their campaign against Inheritance Tax with the headline:
‘Wicked tax’ that hits the bereaved
I wrote for ‘Cash’ for some time. I know those who are writing this stuff. I have argued with them about it. And I can find no substance to their reasoning. [...]
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I’ve been asked how I could say as a practicing accountant that I have not done Inheritance Tax planning.
The answer I gave on the Moral Maze was, of course, instantaneous. But since then I have struggled to think when or if I ever offered advice on Inheritance Tax planning and can’t recall doing so over [...]
George Osborne proposes to raise the Inheritance Tax limit to £1 million so, as he puts it, the family home is not subject to this tax.The UK is a country suffering an increasing poverty gap. As example, the proportion of wealth held by Britain’s richest 10% has increased from 47% to 54% in the last [...]
I continue to be bemused by some arguments put forward by those who argue against Inheritance Tax. In particular I am completely baffled by the argument that an average home should be free of Inheritance Tax when almost no one who inherits a house moves into it. Let’s be clear: houses in the estates of [...]
Simon Jenkins wrote this in the Guardian today. His logic is sound. I’ve added paragraph breaks:
For half a century home ownership in Britain - termed a “right” by Brown - has been indulged beyond economic reason.
It has sucked savings out of the productive sector.
It has tied up pension money that should be helping the economy [...]
I spent some time discussing Inheritance Tax here last week.
Now there’s the resounding evidence that most people neither care about it, or think it has any relevance to their lives. 90% of all adults in the UK do not have a will.
If you were the remotest bit worried about Inheritance Tax you would. So they’re [...]
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