Property News · March 1, 2017

Cutting inheritance tax now exposes a warped sense of priorities | Rachel Reeves


This plan to help the wealthiest will entrench the north-south divide. Philip Hammond should dump it and channel the money to early years childcareThere is nothing certain in the world except death and taxes, according to the old proverb. But, unless the government sees sense, we could soon find that there is a new certainty: that death means far lower taxes for the wealthy.It was George Osborne who was behind the deeply flawed plan, to be implemented by 2020, to cut inheritance tax (IHT) to let a couple in a £1m home avoid paying a penny in death duties. The plan would cost an estimated £1bn, and the former chancellor promised to gradually lift the IHT threshold from its current £325,000 per person to £500,000. The phased changes of this iniquitous and ill-conceived plan are due to start in April. It is a tax break for a wealthy elite, at a time when the NHS faces a cash crisis and the government is moving to cut £3.7bn in disability benefits from the most vulnerable in society. Continue reading…

Source : theguardian.com
Read more…Cutting inheritance tax now exposes a warped sense of priorities | Rachel Reeves

You may also like...